Potential and peril: How leading General Counsel see AI
Six ways to approach AI: Advice for General Counsel
ChatGPT and other artificial intelligence (AI) breakthroughs are taking the world by storm. But is the technology ready for business use, and how should General Counsel (GC) respond?
Based on recent roundtables in London and Sydney, our new report, Potential and peril: How leading General Counsel see AI, delivers insights from GC at ASX 100, FTSE 100 and other companies. The groups identified a need for proactive engagement, strategic planning and ethical guidance for companies to exploit the full potential of AI.
The report recommends that GC help establish robust AI governance frameworks with legal and ethical considerations. The frameworks should focus on the quality of data used by AI systems. They should ensure there is human involvement in new systems and keep a close eye on emerging regulations at home and internationally.
- AI offers unprecedented opportunities to deliver personalised experiences, streamline services and improve decision making.
- GC have a central role to play in aligning organisational values and ethics, and regulatory and legal requirements.
- Using AI presents challenges in terms of bias, transparency, security and compliance with data protection laws.
- Most companies are only in the early stages of integrating the latest AI tools into their business and legal departments.