Governing AI for Responsible Corporate Transformation
LEHI, Utah, January 30, 2024 (Newswire.com) - The significance of environmental, social, and governance (ESG) initiatives is not without merit. However, companies have also embraced the power of artificial intelligence (AI), acknowledging potential pitfalls. These contemporaneous trends - ESG and AI, share a common purpose: a commitment to values that mitigate risks and unlock potential. Glen Robinson, CEO of Platform One, discusses three main dimensions in which AI and ESG share commonalities:
1. Creating Sustainable Environmental Goals: AI systems, with their appetite for computing power, could imperil sustainability goals. Mitigating this risk involves favoring smaller models, known for interpretability and understanding. Aligning AI development with environmental initiatives can seamlessly advance both AI and ESG objectives.
2. Developing a Human-Centered Social Environment: AI's impact on people remains a paramount concern. Questions of fairness, data usage, privacy protection, and the human-centric design of technology loom large. Despite executives recognizing algorithmic bias as a primary risk, businesses are proactively addressing societal risks associated with AI.
3. Taking a Holistic Outlook Toward Governance: A holistic approach considers regulatory shifts, organizational approaches, and necessitates tech-enabled governance. By posing similar questions around success metrics, change management, and accountability, both ESG and AI demand robust governance, underlining a confluence in their underlying principles.
When companies harmonize ESG and AI initiatives, they unlock synergies, shared resources, and efficient prioritization. The alignment fosters a common core of training processes, change management, and reporting capabilities, fortifying the cohesion across objectives.
Embarking on the ESG-AI journey involves three strategic steps:
1. Identifying Key Players: Connecting leaders from sustainability, operations, and supply chain with those from analytics, data, and privacy ensures a more cohesive approach.
2. Collaborating on Governance: Engaging with development teams for effective governance, balancing risk mitigation without stifling innovation, is crucial. This ensures governance is seen as an enabler, fostering adoption and ensuring technology aligns with ethical and environmental considerations.
3. Aligning Procurement Practices: Procurement, often the gateway for technology, must adhere to ESG guidelines and ethical technology standards. By demanding ethical considerations in technology development, companies reinforce their commitment to both ESG and AI.
As the collective understanding of these impacts grows, businesses can benefit from a cohesive approach, ensuring responsible management of technologies' multifaceted impacts.
About the author:
Glen Robinson, Chief Executive Officer at Platform One, is an accomplished professional specializing in corporate turnarounds with extensive international experience in private equity and global blue-chip organizations. With a proven track record in leading companies during times of acute corporate stress globally, Glen brings a unique skill set to his role.
His diverse experience, from corporate development to leadership in the tech industry, reflects his strategic thinking and commitment to operational excellence. Glen holds a Master's degree in Commercial Law, an MBA in Business Administration from DUKE University, and qualifications from CPA Australia. Throughout his career, he has been a driving force in fostering growth and success in challenging business environments.
Source: Platform One
