Recent research carried out by Airmic on ethics in regard to the application of AI in organizational structures brought out some major insights related directly to the prevailing perception of ethical risk. The survey reflected that nearly 60% of the respondents bundled the ethical risks originating from AI technology as part of many larger spectrums of ethical concerns prevailing in their organizations altogether. Probably this underlines the point that the ethical issues are the umbrella of rules to be followed in almost all focus areas.
Noteworthy, the opinions remain part in that, whether the resolution for AI ethical issues should be independent or be part of a wider discussion. Some argue that ethics within AI should be independent; others feel that it should be strictly within the pre-existing ethical landscapes.
Prominence in Risk Management Practices
This deployment of AI technologies in corporate operations, and on a broader scale to our daily activities, has raised the moral issues that are vital in organizational risk management. That is to say, this is an impulse disclosing a slow recognition of the complicate ethical problem, which may be brought in the course of implementation by AI.
In such a scenario, companies are tempted to develop AI Ethics Committees and lay down separate frameworks for risk assessment according to AI-related risks. These have been made as a moral compass to successfully grappling with the agencies and dealing with their challenges of ethics in the integration of artificial intelligence into their functioning.
According to Julia Graham, the CEO of Airmic and an expert on the subject, what was once considered only a singular static issue is now a type of implication. As she underlined, these risks, much more than before, will be imposed on the policymakers of this generation and, indeed, on far more determined successors; this will require even greater deepening of the understanding of the ethical questions related to these environmental risks.
Airmic head of research Hoe-Yeong Loke said the organization’s executive directors tend to be philosophically driven by ethics. He insists that the risks to AI ethics do not stand alone, but on the other side, they are interconnected with other ethical concerns that organizations face daily, so therefore, organizations need always to discuss AI ethics and assess risk management approaches to it.
Ongoing Discussions and Evaluations
Today, organizations are aware of the importance of AI Ethics Risk Management at the sustainability level through responsible conversations regarding the issue of AI ethics. Moreover, it was recommended that companies should focus on an integrated study at the junctions, which connect risk management activities with governance structures, whereas the apparent versus the hidden aspects of the approach of business leaders towards risk management and governance issues are in personnel.
As properly highlighted in the Airmic study, today there are actually very deep-seated beliefs and barriers pertaining to the application of AI and the ethicality around it. The influence and importance of AI technology continue to grow in many industries. Ethical risk management has increasingly become a significant issue during the responsible implementation of AI technology. It can simply be achieved by setting up meetups and creating bodies that the committees devise in an effective system where AI technology is integrated into the company. Hence, the ethical norms of the organization are well-adhered, and benefits from AI are maximized.
Original source: The Association of Insurance and Risk Managers in Industry and Commerce