-: AI creates enormous opportunity for businesses.
It also creates some real challenges.
They need to quickly deploy and scale the technology,
while at the same time,
ensuring it's proficient, safe and equitable,
secure, and compliant with regulation and policy.
GenAI makes it that much more challenging.
If responsible AI is not at the core,
GenAI risks being value-destroying
rather than value-generating.
-: What are the main challenges companies face
when trying to use AI responsibly?
Well, I think there are three.
First is the pace of technological change.
With AI, the pace of change is so rapid that I think
that the strategies for managing risks
are being outpaced by the level of novelty
and new capabilities that are being built out in AI.
Second is the ambiguous nature of the risks.
It's a set of known risks as well as unknown risks
that I think the traditional strategies
in managing the risks aren't working anymore.
And third, there's new, and an influx of, regulation.
I think there is a lot of questions that remain
as to whether the regulations provide enough guidance
on how to manage the risks properly.
-: How prepared are companies right now
to manage the risks of AI?
Well, honestly, I think we would all say
that we wish they were even more prepared.
In fact, our research with MIT suggests that
62% of experts that we polled would say that
existing risk management processes
are not expanding fast enough
to incorporate the various risks of AI.
To get this really right is a two- to three-year process.
You have to think through the strategy,
the governance, the processes and tools,
and then work to change your culture
to really be thinking about
how to effectively manage AI risk.
-: How can companies move
from their responsible AI ambition to execution?
First, create transparency on the risks that you are facing.
Second, you need to invest in risk mitigation tools.
Create transparency on the mitigation tools
that you already have in place,
and make sure that they are uplifted
to be able to capture the AI-induced risks,
like cyber risks, ethical failures, and the like.
And third, stay agile.
As fast as AI and GenAI technology is evolving,
also the risk mitigation around it needs to evolve.