Artificial Intelligence (AI) is becoming increasingly prevalent in today’s practices. People rely more and more on AI to complete both basic and complicated tasks, including business decision making. While AI has numerous helpful and beneficial aspects, it also raises a critical issue – trustworthiness. As this issue becomes increasingly concerning, AI governance becomes more crucial. What is the importance of AI Governance?
AI governance is a framework that comprises policies, regulations, and ethical standards that govern the development, deployment, and use of Artificial Intelligence (AI) systems to ensure that AI systems are transparent, fair, and reliable, as well as operate in a safe and ethical manner.
The importance of AI governance arises due to the fact that AI has the potential to significantly impact society, both positively and negatively. On the positive side, AI is capable of improving efficiency, productivity, and decision-making across a wide range of industries, while, on the negative side, it has brought about concerns such as AI biases, job displacement, and loss of privacy. Additionally, as numerous data including sensitive data are gathered and supplied to AI to make it work, the functionally of AI can be questionable at times.
AI governance addresses these concerns by ensuring that AI systems are developed and applied in a responsible and ethical manner, also that they are aligned with human values and interests. With AI governance being a framework that involves a range of stakeholders, including developers, users, regulators, and policymakers, it dismisses AI trust issues as the collaboration among these stakeholders enable AI system to be developed and used in a way that benefits society as a whole.
All in all, the adoption of AI continues to yield impressive results and is in high demand all over the world. However, as AI is a double-edged sword, its implementation must be approached with caution. While its advancements are essential, its implementation should be carefully monitored to avoid any negative consequences. AI governance provides a way to mitigate the risks associated with trustworthiness and application, making AI more reliable and suitable for widespread adoption.
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