[authors: Stephen Scott, Karen Cook, Amy Edmondson and Thomas Malone]
Artificial intelligence (AI) is being adopted more and more broadly, for a range of business use cases, triggering much discussion and debate about attendant risks and opportunities. A thoughtful discussion of any transformative technology is wholly desirable, but the dialogue has become more of a useless shouting match between utopians and Luddites, and the authors would like to reframe the discussion.
In its most recent Business and Finance Outlook, the Organisation for Economic Cooperation and Development (OECD) discussed the use of AI in business and finance, and the attendant opportunities, challenges and implications for policymakers. These forms of technology, the report said, are expected to yield advantages for firms by improving their efficiency through cost reduction and productivity enhancements. The report cautioned, however, that use of AI in business and finance may create, or intensify, both financial and non-financial risks, perhaps giving rise to consumer and investor protection concerns. As such, the OECD called on governments to give careful thought to a human-centric approach to "trustworthy AI".
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