cent for reviewing legal documents , and 21 percent for due diligence . These figures indicate an across-the-bo- |
Existing regulatory frameworks – around |
– around privacy-by-design , encryption , data anonymization , and minimization , robust data handling policies , |
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ard increase in AI utilization since last summer . |
privacy-by-design , |
providing privacy settings for user consent , and user training programs – |
53 |
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Challenges and Realities |
encryption , data |
must also be rigorously applied to AI .
The regulators are playing catchup , so
|
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However , certain barriers will likely hinder the widespread adoption of generative AI in 2024 . Most businesses |
anonymization , and minimization , robust data |
companies should expect and prepare for rule changes , likely on a fairly frequent basis , as new regulations are |
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lack the preparedness : much of the value will come from training the models |
handling policies , providing |
brought in . |
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on in-house data , but companies don ' t have data capabilities and technical |
privacy settings for user |
Strategic Oversight
When it comes to the role of corporate
|
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know-how to do that . Coupled with the high cost of technology and uncertainty about how best to integrate it into everyday business likely means the generative AI revolution will not |
consent , and user training programs – must also be rigorously applied to AI . |
governance and , more specifically , the boards , this year should be about getting back to basics . Boards should ask fundamental questions such as : How do the board and management percei- |
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come quickly . |
ve AI – a force for good , a global threat , |
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or somewhere in between ? Should we |
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Another significant point of concern |
leverage AI to enhance employee pro- |
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is the privacy risk already mentioned |
ductivity and efficacy ? Because if you |
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earlier . AI companies – both firms de- |
can , it doesn ' t mean you should . |
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veloping AI solutions and businesses |
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using them – need to actively step up |
Boards need to apply a cautious stra- |
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their compliance programs to ensure |
tegy and initially view AI as a com- |
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they continue to meet the regulations |
pany risk rather than an opportunity , |
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of the GDPR and other data privacy |
allowing management to present the |
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rules . Existing regulatory frameworks |
potential benefits of adopting AI , and |