The global spend on artificial intelligence (AI) is expected to hit $52 billion in the next three years and to double the annual growth rates of major economies in the next 15. Approximately 29 countries have created national AI policies to mitigate the potential risks, but there are only a handful companies that have openly talked of doing the same.
“Companies will play a significant role in how AI impacts society,” said Kay Firth-Butterfield, Head of Artificial Intelligence at the World Economic Forum. “Yet, our research found that many executives and investors do not understand the full scope of what AI can do for them and what parameters they can set to ensure the use of the technology is ethical and responsible.”
To help boards tackle this challenge, the World Economic Forum worked with more than 100 companies and technology experts during the course of a year to develop the Empowering AI Toolkit. Built with the structure of the board meeting in mind, the toolkit aligns 12 learning modules with traditional board committees and working groups. It aims to help companies make informed decisions about AI solutions that protect the customer and shareholders.
It is the first toolkit to provide common ground for companies worldwide to help prepare board members so they have a clearer understanding of the current landscape. It covers the board’s responsibilities specific to the module in question, and provides resources for further learning as well as a breakdown of oversight tools and case studies.