AI (Artificial Intelligence) governance is about evaluating and monitoring algorithms for effectiveness, risk, bias, and ROI (Return on Investment). But there is a problem: Often not enough attention is paid to this part of the AI process. AI could help people with improved health care, safer cars, and other transport systems, tailored, cheaper, and longer-lasting products and services. It can also facilitate access to information, education, and training. The need for distance learning became more important because of the Covid-19 pandemic. AI can also make the workplace safer as robots can be used for dangerous parts of jobs, and open new job positions as AI-driven industries grow and change. AI could severely affect the right to privacy and data protection. It can be for example used in face recognition equipment or for online tracking and profiling of individuals. In addition, AI enables merging pieces of information a person has given into new data, which can lead to results the person would not expect. Big data can in fact transform how decision-makers actually view business problems overall and shape decisions that concern strategy. This then allows them to rely upon objective data. If your business has good data, the ability to analyse it efficiently and derive valuable insight, then preventing risk will be much easier; as well as the ability to build a competitive edge.
