Anekanta’s newsletter this month features its Responsible AI Governance Framework, designed and peer reviewed by experienced industry leaders to equip boards to integrate AI into their corporate governance practices and align with directors duties and responsibilities. Read all about it below.

AI is transforming industries, but many boards have yet to fully address its governance. As AI technology delivers competitive advantage and productivity benefits to the commercial stakeholder, it is becoming more integrated into business activities. Managing its proliferation through responsible governance is essential. Boards need to understand AI’s implications, ensure it aligns with company values, and address ethical, legal, and operational challenges.

AI Governance Framework for Boards

In light of the rapid rise of Generative AI and Large Language Models (LLMs), Anekanta® has updated its Responsible AI Governance Framework (RAI) to guide boards in navigating the evolving AI landscape. Furthermore, it is not only built on core values but also includes a structured approach to embedding AI governance throughout the organisation.

This approach is guided by 12 principles that outline the process, from defining AI strategies to monitoring and continuous improvement.

Key highlights include:

• Heightened Board Responsibility: Boards are now more accountable than ever for ethical and safe AI use within their organisations. They must establish clear policies, embed Responsible AI principles, and rigorously monitor AI systems.
• Proactive Risk Management: Regular audits and impact assessments are crucial for identifying and mitigating potential risks, including bias and unintended consequences.
• Independent Oversight: An Independent Review Committee (IRC) is recommended to provide unbiased oversight and ensure AI systems align with company goals and ethical standards.
• Emphasis on Transparency and Explainability: Boards must prioritise transparency in AI decision-making processes and ensure that AI systems are explainable, especially those with high-risk implications.
• Compliance with Evolving Regulations: With the EU AI Act coming into effect, boards must proactively prepare for compliance and understand the legal implications of AI use.

Anekanta®‘s RAI framework offers a practical roadmap for boards to implement responsible AI practices, fostering trust, mitigating risks, and ensuring that AI technologies benefit organizations, employees, and stakeholders alike.

To find out what actions Anekanta recommend you take for responsible AI implementation, read the blog post in full, here

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