Special thanks to co-authors, Brad Newman and Julia Wilson.
Amid recent hype around ChatGPT and generative artificial intelligence (AI), many are eager to harness the technology’s increasingly sophisticated potential.
However, findings from Baker McKenzie’s 2022 North America AI survey indicate that business leaders may currently underappreciate AI-related risks to their organization. Only 4% of C-suite level respondents said they consider the risks associated with using AI to be “significant,” and less than half said they have AI expertise at the board level.
These figures spotlight a concerning reality: many organizations are underprepared for AI, lacking the proper oversight and expertise from key decision-makers to manage risk. And if unaddressed, organizational blind spots around the technology’s ethical and effective deployment are likely to overshadow transformative opportunities while causing organizations to lose pace with the explosive growth of the technology.
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Original article published in World Economic Forum.