AIDec 06, 2023

From the AI Global Council: The strategic and legal considerations for AI

Chioma Chukwuma

The AI Global Council is a consortium of industry leaders who have come together to engage in pressing conversations about the challenges and opportunities artificial intelligence (AI) poses to the world.

In their inaugural meeting, the Council discussed questions executives should be asking if they intend to implement AI in their organizations. Vincent Yates, chief data scientist at Credera, urged leaders to focus on the legal and strategic aspects of their plans.

The legal considerations of AI

For all the revolutionary ways AI has changed the modern world, it is important to remember it’s still in its budding phase. Guidelines are ill-defined and there is little precedent for the associated legal risks. Knowing this, it’s essential leaders understand the risks and take the right steps to contractually mitigate them.

Yates shares that it is up to an organization’s leaders to understand the legal ramifications of their actions and to notify in-house counsel about the ways they plan to utilize AI.

Thinking strategically: Decide if AI will be a core competitive advantage

Additionally, Yates challenged leaders to consider if AI is poised to become a key differentiator at your organization or something to simply keep up with the technological pace of competitors? Yates encouraged considering this question at the beginning of their AI journeys, as the answer determines everything about an organization’s plan for implementation.

Because AI models require “constant care and feeding,” Yates noted AI shouldn’t be thought of in the short term. If leaders do not believe their organizations can meet the requirements to maintain the models or if they are more interested in basic use cases of AI, it’s much more efficient and cost-effective to find a vendor as opposed to building a new solution.

AI in organizations

The AI space is rapidly developing and has become a subject of both excitement and confusion for leaders looking to find a way to integrate AI into their organizations. Yates provides a way for leaders to better equip themselves to face the uncertainty AI can bring by highlighting the legal and strategic considerations that should be examined and accounted for as they prepare to work with AI.

The AI Global Council delves into three other perspectives regarding the pressing questions executives should ask when they are preparing to onboard AI into their organization.

Watch the video here.

Explore more about the AI Global Council

The AI Global Council serves as a forum composed of experts, policymakers, academics, and industry leaders who engage in pressing conversations about the amorphous reality of AI and how it is shaping the world. For more information about the Council, and to stay connected to their work, follow along on LinkedIn or reach out at findoutmore@credera.com.

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