Susana Sierra is the CEO of BH Compliance, a company that focuses on measuring the effectiveness of corporate governance programs and corporate governance itself. She believes that as artificial intelligence (AI) continues to expand and gain more power, it provides companies with opportunities to optimize their efficiency and productivity. By analyzing large amounts of data and automating tasks, AI can improve customer service and operational efficiency across different industries. However, Sierra emphasizes that leaders have a responsibility to be aware of the risks associated with AI and manage them ethically.
According to the Edelman Trust Barometer 2024, companies remain the most trusted institutions, ahead of NGOs, governments, and the media. Despite being seen as trustworthy organizations to introduce new technologies safely and accessibly, they received only 59% in this metric, falling short of the 60% threshold for “trust”. Respondents expressed suspicion about the management of innovation, calling for better regulations and more trusted traditional leaders. They also questioned the independence of science from politics and money.
At the recent World Economic Forum annual meeting in Davos, AI emerged as a key topic. Under the theme “Rebuilding Trust,” experts emphasized the importance of a conscientious approach to AI and the need to put people at the center. While there is optimism about the possibilities of AI tools, it underscores the importance of promoting and regulating AI under rigorous ethical standards. Lack of regulation has led some companies to limit or prohibit AI use due to concerns about hacking, data leaks, misinformation, and loss of critical thinking skills.
Companies are urged to address the challenges associated with AI by explaining, optimizing, and ethically using it. Steps to achieve this include understanding the scope and capabilities of AI, implementing it correctly with solid corporate governance, modeling responsible leadership, establishing preventive controls to manage risks, communicating effectively with stakeholders, and training and selecting personnel with the necessary skills to adapt to AI technologies.
AI is reshaping industries and transforming the way businesses operate. To navigate this technological revolution, companies must invest in understanding AI, addressing fears surrounding its evolution and regulation, and promoting public-private cooperation to build trust. The role of leadership is crucial in ensuring that AI is implemented ethically and transparently, with a focus on stakeholder communication, cybersecurity, and workforce development. The challenges posed by AI require a collaborative effort from all actors to navigate its impact and ensure responsible use.
