With all the hype surrounding ChatGPT and generative AI, many executives are now scrambling to adopt AI to transform themselves, and to disrupt their industries.
Yet, while generative AI holds much promise for improving productivity and creating new value streams, executives would do well to manage and mitigate the potential risks as well.
Many of the risks associated with AI are already well publicized, including:
• Privacy concerns and ethical risks
• Increased risk of security breaches and cyber attacks
• Potential infringement of copyrighted materials
• Hallucinations by AI and risks of misinformation
The above is just the tip of the iceberg, and there are many more unknown unknowns that we have yet to consider.
And the upcoming legislation by the European Union to regulate AI could mean that companies can ill-afford to ignore AI compliance and governance.
