Elon Musk has famously said, “AI is far more dangerous than nukes.” His statement has some truth to it, and it has succeeded in raising our awareness of the dangers of AI.
As leaders, part of our job is to ensure that what our companies do is safe. We don’t want to harm our business partners, employees, customers, or anyone else we are working with. We can manage AI to reduce risk even before regulatory bodies step in to force us to do so.
Most industries have regulations to govern how we manage risks to ensure safety. However, in the world of AI, there are very few regulations applying to AI as it relates to safety. We have regulations around privacy, and those are extremely important to the AI world, but very few regulations around safety.
AI has the potential to be dangerous. As a result, we need to create ways to manage the risk presented by AI-based systems. Singapore has provided us with a Model AI Governance Framework. This framework is an excellent place to start understanding the key issues for governing AI and managing risk.
