Business leaders need to stay abreast of AI regulation
With artificial intelligence (AI) technology, business executives can drive innovation, improve efficiency and create new value. Companies may use AI’s potential while mitigating risks and ensuring ethical and responsible use provided they keep educating themselves, promote open dialogue, and adhere to responsible AI principles.
If you want to be a successful business leader in today’s continuously changing industry, you must learn to adopt new ideas and adapt swiftly. AI’s emergence as a viable instrument capable of disrupting multiple markets is revolutionary. In response to the many ethical and safety concerns raised by AI’s rapid breakthroughs, recommendations have been made for more restrictions and a more cautious deployment strategy.
Recently, AI researchers and ethicists issued an open letter urging AI developers to slow down on creating generative AI platforms. They raised concern that widespread use of generative pre-trained transformer (GPT) AI platforms could result in unforeseen outcomes such as the spread of misleading information, promotion of undesirable applications and spreading bias into the AI’s outputs. These concerns illustrate the need for a balance between technological progress and ethical concerns.
The UN Educational, Scientific and Cultural Organisation (Unesco) encouraged all governments to immediately adopt a global ethical framework for AI. The objective is to ensure AI is developed and used in accordance with principles of human rights, democracy and rule of law. Business leaders must know of and adhere to these criteria in implementing AI technologies in their organisations.
AI’s risks should not be disregarded. Even for pioneer Yoshua Bengio the concept of AI wiping out humans is not inconceivable. Corporate leaders must weigh the merits and downsides and have open dialogue on ethical and societal repercussions of this technology. The EU has been working on AI regulation that should set a global precedent. Proposed legislation demands transparency and periodic risk assessments, and penalties for those not complying. Firms must monitor evolution of these regulatory frameworks and modify their AI activities to ensure compliance.
As increasingly advanced AI systems emerge such as the recently released GPT-4, it may be possible to create really intelligent machines. Artificial general intelligence (AGI) refers to technology that does all intellectual tasks a person can. Though AGI is only an expected next step in AI’s evolutionary advance, it will have far-reaching implications for business and society. We should encourage a culture that supports ethical development and deployment by initiating a workplace discourse on AI ethics. Collaborate with those who have a stake in the success of your AI projects, including employees, clients and regulatory authorities. Being aware of the most recent AI developments, legislative changes and ethical issues is necessary for compliance and risk avoidance. Should we pause development of new AI technologies? It would be wise, but humans are hardwired to create new technologies. I do not foresee that any slowdown will be possible.