How can Board Members navigate the rapid evolution of AI without succumbing to fear or hype?
As a "Geriatric Millennial," I'm sharing how I'm navigating this rapidly evolving technology without falling into the trap of hype or fear. While GenAI presents risks, it also offers significant opportunities that Boards must understand and govern effectively.
Key Takeaways for (Human) Board Members
- Human-in-the-Loop Approach: The most effective use of GenAI requires human interaction to correct for biases, hallucinations, and misinformation. Using it as a "colleague" rather than a replacement for human work results in a higher quality outcome.
- A Governance-Centric View: GenAI should be viewed through the lens of risk management and compliance. Boards have a legal duty to address issues like data privacy, confidentiality, and intellectual property. Check out this straightforward, structured approach to assessing AI risk, outlined by Helen van Orten and Alexie O'Brien, and other BoardPro webinars and resources.
- Integrating AI into Board Work:
- Caution with Confidential Information: Consider the risks of uploading confidential Board materials like Board packs.
- Strategic Use for Research: Use AI to analyse publicly available information to generate insightful questions for Boardroom discussions.
- Enhancing, Not Replacing, Preparation: If using AI for Board meeting preparation, use it as a supplement to, not a replacement for, personal reading, analysis, and reflection.
- Lean on Colleagues and Experts: It is impossible to be an expert in everything. Ask questions, share resources, and lean on your Board colleagues and internal team members to build a shared understanding of AI's impacts and opportunities.
- Stay Engaged and Balanced: While AI is a hot topic, it's important to not neglect the foundational aspects of governance, such as strategy, risk, and financial oversight. Staying informed about AI's evolution from a variety of neutral sources is key to making sound decisions.
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