Steering for Tomorrow :The Board's Role in AI

Artificial Intelligence (AI) is a hot topic these days. Its potential to revolutionize work and the delivery of services provokes an equal measure of public excitement and anxiety about the future. But realizing on that future potential requires boards to make the right decisions today. While there are other director-focussed events that explore the opportunities and risks surrounding AI, this session instead examines the practicalities of board decision-making on AI.

Boards need to oversee how their organization explores AI opportunities and assesses and addresses attendant risks. Boards also need to implement appropriate accountability and reporting processes to enable the board to evaluate and, if necessary, redirect efforts. Some key areas of board focus are:

• Assessing and supplementing the organization’s AI-readiness – How do you assess whether the organization, its management and board have the skills needed for the AI journey? What actions can be taken to improve AI-readiness?

• Allocating time and capital to exploration of AI opportunities – AI is not for everyone, at least not yet. How does the board decide how much to invest in brainstorming AI opportunities?

• Future proofing the work – Data needs to be carefully cultivated in order to leverage it for decision-making and AI. Gathering the wrong data, or in the wrong manner, can restrict the potential future uses of the dataset, as well as expose the organizations to increased legal and other risks. How should boards oversee the organization’s plans for gathering, organizing and securely storing data?

• Project management and scope creep – Implementing an AI solution carries many risks. How can a board support management in successfully addressing project management risks, such as a lack of communication, resistance to change, lack of accountability and controls on expenditures?

• Implementing controls – Is there a clear understanding of where accountability lies for AI oversight and decision-making, especially with respect to addressing the ethical risks arising from AI use? When should management be required to raise concerns to the board?

Come hear how thoughtful decision-making by the board can help position the organization to best leverage AI to improve operations and provide a competitive advantage while managing the costs and risks within the organization’s budget and appetite.