HTI has partnered with the Australian Institute of Company Directors (AICD) to produce a suite of resources with practical guidance for directors and board on how to manage the risks and capture the benefits of AI systems
HTI and AICD’s Governance of AI resources for directors
What do directors need to do to manage the risks of AI systems while helping their organisations capture the benefits?
HTI has partnered with the Australian Institute of Company Directors (AICD) to produce a new suite of resources to help directors and boards navigate the challenges raised by Artificial Intelligence (AI) systems, published on 12 June 2024.
As part of HTI’s AI Corporate Governance Program, we’ve spoken to hundreds of directors. Most have a very limited understanding of where, and even if, AI systems are being used in their organisations. Given both the strategic value and serious risks that AI systems can pose, boards and directors have a responsibility to engage with management around the governance of AI systems. - Professor Nicholas Davis, Co-Director at HTI.
AICD Managing Director and CEO Mark Rigotti said we must assist directors and boards rise to the governance challenges that this new era of AI represents, while ensuring their organisations can tap into these emerging and transformational technologies.
As stewards of organisational strategy and risk management, directors should seek to seize the opportunities and mitigate the risks of AI. This requires a robust governance framework that can adapt to the unique characteristics of AI systems. - AICD Managing Director and CEO Mark Rigotti
Building on research undertaken for HTI’s AI Corporate Governance Program, the resources include:
1. A Director’s Introduction to AI lays the foundations for understanding AI concepts;
2. A Director’s Guide to AI Governance provides practical guidance for boards already using or planning to deploy AI within their organisations;
3. A concise Snapshot of the ‘Eight elements of effective, safe and responsible AI governance’; and
4. AI Governance Checklist for SME and NFP Directors recognises the significance of small and medium-sized enterprises to the Australian economy and the specific needs of this sector.
Discussing the lessons in these resources, Professor Davis will join an expert panel with Wendy Stops, Non-executive Director, in a webinar at 12-1pm on Wednesday 12 June 2024 hosted and facilitated by AICD, to explore the challenges and opportunities for AI governance for directors.
By applying the eight elements of safe and responsible AI governance discussed in these resources, directors can guide their organisations to deploy AI systems safely and responsibly for maximum strategic and competitive advantage.