Governance and Oversight of AI Systems

Rohan Sharma

Chapter Chapter 28 in AI and the Boardroom, 2024, pp 353-370 from Springer

Abstract: Abstract How can boards ensure that their AI systems are trustworthy, ethical, and aligned with company values? Effective governance and oversight are crucial as AI becomes more embedded in business operations. This chapter explores practical strategies for boards to establish a strong AI governance framework that balances innovation with ethical responsibility. By forming dedicated AI committees, conducting regular audits, and developing comprehensive policies, organizations can enhance transparency, mitigate biases, and maintain accountability. Boards must also invest in AI literacy, ensure clear reporting lines, and engage stakeholders to align AI initiatives with societal expectations. By embracing continuous monitoring, proactive risk assessments, and crisis management plans, boards can stay ahead of potential AI challenges. Key takeaway: Strong AI governance is the foundation for trustworthy and ethical AI use. Take steps to implement clear policies, invest in AI education, and foster a culture of responsibility to effectively manage AI risks and opportunities.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:979-8-8688-0796-1_28

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DOI: 10.1007/979-8-8688-0796-1_28

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