Bennett Jones welcomed the opportunity to present a practical, opportunity and risk focused approach to the governance of Artificial Intelligence (AI) at the board level to the Institute of Corporate Directors. While AI is receiving significant attention currently, and is often considered a rapidly evolving catalyst for market disruption, it is important to view AI with both a governance of technology and a governance of change lens.

Regulatory responses to AI vary globally, with efforts to balance the potential benefits of AI with the need to mitigate risks such as bias, discrimination, and cybersecurity threats. Various jurisdictions are enacting or considering AI-specific laws, while voluntary codes and standards are also being promoted to guide AI development and deployment.

Organizations need to consider several technology risks associated with AI adoption, including operational reliability, information quality, compliance with regulations, and managing change effectively. Understanding the limitations of AI tools and assessing the risks associated with AI-driven business processes are critical for successful implementation.

In addition, given the change management that will be required, effective governance is essential for aligning AI investments with business strategy, managing risks, and navigating complex ecosystems of technology vendors and suppliers. Boards of directors play a crucial role in overseeing AI initiatives and ensuring they contribute to the organization's strategic objectives.

The legal landscape of AI is evolving, requiring a focused approach to seize opportunities and mitigate risks. By adopting a proactive and holistic approach to AI adoption and risk management, businesses can unlock the full potential of AI while safeguarding against legal pitfalls.