IBM’s Institute for Business Value (IBV) study found implementing a broad AI ethics strategy that is interwoven throughout the company can give businesses a competitive advantage.
Though 79% of CEOs say they are prepared to embed AI ethics, less than a quarter have operationalised AI ethics. Fewer than 20% of executives strongly agreed their business practices and actions meet their stated principles and values.
Jesus Mantas, global managing partner at IBM Consulting, said, “… building trustworthy AI is a business imperative and a societal expectation, not just a compliance issue.” They should implement a governance model and embed ethical principles across the entire AI life cycle, added Mantas.
To implement a broad AI ethics strategy, companies should take a holistic approach and involve executives from all departments, including designers, behavioural scientists, data scientists and AI engineers. Apart from established practices and policies, companies can also partner with AI-focused technology businesses, academics and startups to effectively operationalise the discipline of AI ethics.
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