The use of artificial intelligence (AI) can enable businesses to improve efficiency, reduce costs and deliver new products or services. As AI continues to transform industries and contribute more intelligently and efficiently to business activities, boards play a key role in integrating AI into their business. In this report, CMS examines the risks and liabilities associated with AI facing boards and directors and how these risks can be mitigated.
Increasingly, boards need to weigh up the opportunities AI creates (such as tapping into the value of data) against the risks (such as data breaches) to determine how it is in the best interests of their company to use AI and integrate it into their business.
CMS' experts explores key factors for boards to mitigate AI risk, including:
- Commercial Considerations
- Tech Considerations
- Governance Considerations
- Resourcing Considerations
- Risk Considerations
Along with discussing the key risks associated with using AI in business, providing a deep-dive on:
- Legal Risk
- Cyber-Security Risk
- Reputational Risk
- Insurance Risk
- Ethical Risk, AI Bias and Discrimination
AI presents huge opportunities for companies – if the risks of using AI technology are well managed. The board has a key role to play in managing these risks and understanding the potential impact of AI on the company’s business model, culture, strategy and sector. Successful management is likely to be the difference between successful AI implementation and its failure.
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Read the full report here, and find key contacts for more insights.
About CMS:
CMS is a forward-thinking global organisation of independent law firms, boasting over 80 offices in more than 40 countries, and a network of 5,800 lawyers. Combining deep local market knowledge with a broad global perspective, CMS offers dynamic and agile legal solutions to help clients navigate the future with confidence. The firm's focus on social impact, diversity, and sustainability underscores their significance in conversations on governance and future-facing leadership. NEDA are proud to be working in partnership with CMS.