Insurance-focused global law firm DLA Piper has released a report outlining the challenges to artificial intelligence (AI) deployment.
The report analysed the connections between AI, governance, and risk and explored how organisations deploy AI programs and the challenges they face.
It revealed that 96% of the respondents have implemented AI, with 72% using tools and solutions from third-party vendors. Additionally, 45% deemed AI critical to how their organisation generates value, and 41% foresee their core business being made redundant by AI unless they embrace it.
“While the transformative potential of AI seems boundless, it also presents risks. This report emphasises the pivotal role of good governance in unlocking AI's transformative potential in a fragmented regulatory landscape,” said Nicholas Boyle, partner – intellectual property and technology, at DLA Piper. “Concerns surrounding responsible AI use have surged alongside its adoption, prompting global policymakers and regulators to formalise rules to address societal, technical, and commercial challenges.”
The report deemed establishing and implementing good governance the leading challenge in deploying AI, with a whopping 99% of the respondents citing in their top five challenges, followed by ensuring AI initiatives operate within regulatory guidelines (96%).
Moreover, nearly half of the respondents (43%) have seen AI projects interrupted, paused, or rolled back due to data privacy issues (48%) and a lack of governance framework (37%).
“Our report unveils the critical truths, challenges, and opportunities shaping the AI landscape. AI has infiltrated every sector, promising almost limitless competitive advantage. The report explores the commercial risk and escalating concerns about responsible and compliant AI use,” said Alex Horder, senior associate and Australian AI lead at DLA Piper.
DLA Piper recently rolled out a new AI-enabled solution designed to detect bribery risks in corporations.
