By: Chris Hackney, Founder/CEO AI Guardian
As we step into 2024, companies across various industries are increasingly integrating artificial intelligence (AI) into their operations. However, with the growing reliance on AI comes a significant responsibility: the need for robust AI governance. The importance of AI governance cannot be overstated. It's not just about compliance and avoiding legal ramifications; it's about building trust and credibility in the market. A Gartner survey found that organizations prioritizing AI transparency, trust, and security could see a 50% improvement in AI model adoption and business outcomes by 2026. With evolving regulations like the EU AI Act and the US AI Bill of Rights, having a proactive AI governance process is becoming increasingly essential.
As far as New Year’s Resolutions go there isn’t a bigger one out there today. Just like other resolutions, this one isn’t that hard if you break it down into easy actionable steps that can lead to a better AI Governance foundation for your organization.
Seven AI Governance Actions To Take Today
1. Set Up an AI Committee: Establish a diverse AI Committee including leaders from executive management, legal, compliance, data analytics, and ethics. This committee should align AI initiatives with business objectives, manage risks, ensure compliance, and promote ethical AI practices. Here's an example committee charter: AI Governance Board
2. Issue a Sensible AI Policy: Develop and distribute a comprehensive AI policy covering ethical AI use, data privacy, and industry standards adherence to all employees and partners involved in AI projects. You can find AI policy templates to get you started here (AI Guardian AI Policy Templates).
3. Inventory AI Projects: Maintain an inventory of all ongoing AI projects, monitoring their progress, risk levels, incidents, and alignment with strategic AI objectives for transparency and comprehensive understanding.
4. Establish AI Project Approval Criteria: Create specific standards for evaluating and approving AI projects, including risk management thresholds, ethical considerations, and strategic alignment.
5. Promote Transparency and Accountability: Ensure that your AI systems are transparent and that there's accountability for decisions made by or with the help of AI. This not only builds trust but also aligns with several regulatory requirements.
6. Educate and Empower Teams: Ensure that all team members are educated about the importance of AI governance and are empowered to make decisions that align with ethical standards and governance guidelines.
7. Manage AI Governance in a Centralized System: Centralize AI Governance and Compliance efforts in a single system for easy monitoring of AI initiatives, compliance tracking, and policy management, ensuring consistent practices across all AI projects.
As we ring in 2024, let's embrace AI Governance not just as a corporate mandate, but as our own New Year's resolution. Much like we commit to personal growth and resolutions every year we need to bring everyone together the same way in bringing responsible AI practices to life. Here's to a year of impactful AI governance – a resolution that benefits us all, one ethical AI decision at a time! 🎉🤖🌟