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One of the themes that the 2024 Annual Meeting of the Global Future Councils centers on is “Innovation for Inclusive Growth,” highlighting the type of growth needed in today’s context—one that benefits all members of society. The rapid advancement of generative AI holds the potential to revolutionize business operations and influence various aspects of daily life, thereby undoubtedly contributing to and shaping our future growth. However, concerns persist regarding the safety and equitable application of this technology. Effective collaboration between industries and government bodies will be key to establishing a governance framework that ensures the responsible implementation of AI.
AI: THE DOUBLE-EDGED SWORD
Generative AI can be of GREAT use to organizations, as this emerging field presents many possibilities and opportunities for them. This technology can revolutionize work across multiple industries, whether through automating tasks, fostering creativity, improving decision-making, or equipping humans with tools to advance their progress. However, the rapid advancement of this technology has identified several concerns and challenges. These challenges range from ethical considerations and notions of fairness to more profound debates regarding intelligence and fears about reaching the technological singularity. Concerns have also been raised about a hypothetical future where technology becomes uncontrollable. According to a report by investment bank Goldman Sachs, AI could potentially replace the equivalent of 300 million full-time jobs. The report notes that AI will have varying effects across different sectors; 46% of tasks in administrative and 44% in legal professions could later on become fully automated. These concerns have led many parties to suggest that the development of the technology be suspended for now. The alarming rate at which these technologies are developing is making them increasingly difficult to cope with and control.
ESTABLISHING A ROBUST AI GOVERNANCE FRAMEWORK
The issue is not with the idea of these technologies being uncontrollable, but that there is currently no tangible mechanism to control them. Therefore, we need to build and implement an AI governance framework to ensure a fair and equitable transformation. The governance framework would allow industries to balance the innovation aspect of this technology while simultaneously maintaining a certain level of safety. Recently, the World Economic Forum launched “The AI Governance Alliance”, to unite industry leaders, governments, academic institutions, and civil society organizations. They aim to establish a universal framework that promotes the equitable and secure use of technology, which has the potential to transform the market and economy. The organization primarily focuses on three work streams. The first one, sustainable applications and transformation, involves engaging C-suite executives and leaders from various sectors to discuss the strategic implications, opportunities, and challenges posed by applied generative AI. The second is resilient governance and regulation, which assembles public sector officials and regulators to develop anticipatory forms of governance. Lastly is the safe systems and technologies track, which convenes Chief science officers and AI producers to develop and streamline technical guardrails in response to rapidly evolving AI technology and systems.
The challenge lies not in the uncontrollability of artificial intelligence itself, but in the absence of a robust mechanism to regulate its development and application. As AI continue to evolve and impact society, collaboration through a standardized framework is the key to uniting industries and creating meaningful AI governance, ensuring that the benefits of it are shared fairly across all sectors.
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