According to a new survey by the IBM Institute for Business Value, nearly half of CEOs express concerns about the accuracy and bias of artificial intelligence (AI). This study, conducted in collaboration with Oxford Economics, surveyed 5,000 executives from 24 countries across North America, Latin America, Europe, the Middle East, Africa, and Asia.
Regarding AI governance, the survey indicates that 21% of executives believe their organization's AI governance maturity is at the systematic or innovative stage, suggesting significant room for improvement in this area. AI governance refers to principles, policies, and responsible development practices that align with ethical standards and human values.
To address concerns about AI accuracy and bias, 60% of C-suite executives have appointed a dedicated generative AI leader within their organizations. Additionally, 78% maintain detailed documentation to ensure the interpretability of AI. Furthermore, 74% conduct ethical impact assessments, and 70% perform user testing to evaluate and mitigate potential risks. The survey also found that 80% of C-suite executives report having a dedicated risk management function focused on AI or generative AI applications.
Phaedra Boinodiris, Global Leader for Trust in AI at IBM Consulting, emphasizes that establishing a robust governance framework that promotes accountability, transparency, and interpretability is a primary focus for businesses. She recommends that companies consider a range of actions when building responsible AI governance, including enhancing AI literacy among all employees to equip them with both technical skills to effectively use AI and critical thinking abilities. Additionally, companies should ensure their measurement systems align with core values, including those of their stakeholders, and introduce diverse and multidisciplinary teams into the governance systems for AI model development and procurement.
The research also shows that companies with higher technical maturity tend to prioritize AI governance more, while those with lower technical maturity face the complexity of governance choices. IBM highlights that a flexible AI governance framework can help businesses adapt to market changes, reduce risks, and promote broader adoption to realize the potential of AI.
This study is part of a series of reports by the IBM Institute for Business Value on generative AI, aiming to uncover the opportunities and challenges this technology presents to global businesses. Other related reports indicate that 77% of business leaders believe generative AI is ready for the market and that rapid adoption of this technology is crucial for maintaining competitiveness.
Key Points:
🌐 Nearly half of CEOs are concerned about AI accuracy and bias; there is room for improvement in governance.
📑60% of companies have appointed a generative AI leader, and 78% maintain detailed documentation for interpretability.
⚖️Companies with higher technical maturity prioritize AI governance; a flexible governance framework helps mitigate risks and adapt to market changes.