New UNIDO publication on Quality Infrastructure and the SDGs – Modern Diplomacy

The global spend on artificial intelligence (AI) is expected to hit $52billion in the next three years and to double the annual growth rates of major economies in the next 15.Approximately 29 countries have created national AI policies to mitigate thepotential risks, but there are only a handful companies that have openly talkedof doing the same.

Companies will play a significant role in how AI impacts society, saidKay Firth-Butterfield, Head ofArtificial Intelligence at the World Economic Forum. Yet, our research foundthat many executives and investors do not understand the full scope of what AIcan do for them and what parameters they can set to ensure the use of thetechnology is ethical and responsible.

To help boards tackle this challenge, the World Economic Forum workedwith more than 100 companies and technology experts during the course of a yearto develop the Empowering AI Toolkit. Built with the structure of the board meeting in mind, the toolkitaligns 12 learning modules with traditional board committees and workinggroups. It aims to help companies make informed decisions about AI solutionsthat protect the customer and shareholders.

It is the first toolkit to provide common ground for companies worldwideto help prepare board members so they have a clearer understanding of thecurrent landscape. It covers the boards responsibilities specific to themodule in question, and provides resources for further learning as well as abreakdown of oversight tools and case studies.

AI is one of the biggest game changers for businesses, governmentsand society as a whole, and a huge source of opportunities to solve some of ourmost important challenges, said ElenaAlfaro, Global Head of Data and Open Innovation, BBVA. But the powerthat AI brings us has to come with similar take on responsibility from creatorsand users. This is why BBVA has collaborated with World Economic Forum in thedevelopment of this Toolkit, with the hope that it is widely spread andused.

Integrity, Ethics and risk management are boardroom matters whichare directly impacted by AI, said JesusMantas, Senior Managing Partner at IBM and board member at Biogen Inc.Board directors have a duty to provide oversight to the enhancementsrequired to integrity principles, human in the loop policies, and riskmanagement frameworks to include the effect of AI algorithms becoming the normin every operational aspect of corporations. The AI Toolkit is a great way fordirectors to better understand their enhanced responsibilities.

AI experts in collaboration with board members and key stakeholders frommore than 100 companies in six countries designed Empowering AI Toolkit to ensure that it meets the specific needs of business leaders and canlead to practical action and tangible impact.

Artificial intelligence is a tool in a corporate boards toolkit,Firth-Butterfield said. Boards need to know when to deploy it and how italigns with a companys overall strategy. The board, as the custodian of acompanys long-term ethical approach to business and the overseer of strategy,has a critical agenda-setting and oversight role in this area.

The Empowering AI Toolkit was created by the World Economic Forum with Centre for the FourthIndustrial Revolution Network Fellows from Accenture, BBVA, IBM and SuntoryHoldings. Among the many others who contributed to its development were AI4All,Australian Institute of Company Directors, Best Practice AI, Latham &Watkins, Saudi Aramco and Splunk.

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Having such a toolkit is not a luxury, said Nabil Al Nuaim, Chief Digital Officer of Saudi Aramco. Itsa necessity to inform boards of directors of AI and its overarching effects.Using AI responsibly is one of the core tenants of our digital transformationprogram and were keen in partnering with Centre for the Fourth IndustrialRevolution Network to expand the toolkit to guide c-suite level executives intheir journey to plan, implement, and monitor AI in their respectivecompanies.

As business races to capture the opportunities associated with AI andAI-driven tools, management and boards are charged with understanding andoverseeing these transformative technologies and their impact, said Karen Silverman, a Partner at Latham& Watkins LLP. We are pleased to partner with the World Economic ForumsCentre for the Fourth Industrial Revolution on this essential toolkit, whichprovides easy-to-reference resources and strategies to support boards in thiscritical work.

As use of Artificial Intelligence rapidly becomes ubiquitous across theglobal economy, boards must understand the technology, its potential and itsrisks, said Leonard Stein, SVPGlobal Affairs, Splunk Inc. The AI Toolkit provides a means for directors bothto honor their fiduciary duties as well as identify new sources of businessvalue.

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New UNIDO publication on Quality Infrastructure and the SDGs - Modern Diplomacy