Most AI decision makers in the insurance industry are happy with the state of their AI governance, with 90% of respondents to a recent survey by DLA Piper saying they believe their approach to be effective. The figure is 83% across all sectors.
However, law firm DLA Piper’s research report, AI Governance: Balancing policy, compliance and commercial value, suggests that only 69% are confident in compliance with current regulation.
The research aims to uncover how organisations are rolling out AI programs in practice, the challenges they are facing, and shares insight from DLA Piper’s global AI group as to how AI value can be unlocked responsibly, ethically and commercially.
Mark O’Conor, partner and global co-chair of DLA Piper’s technology sector group, said: “To unlock AI's potential, organisations must discern real concerns from ‘phantom’ risks. Our report underscores the pivotal role of good governance in navigating the AI landscape, reconciling risk and reward, compliance and commerce, and ultimately unlocking value in line with values.”
Accompanying its research, the firm has shared context, insight, and strategy and framework recommendations from partners across DLA Piper’s global AI team covering common challenges on the topic from intellectual property and employment issues, to supplier contacting and global regulatory divergence. It spotlights spotlight sector-specific findings across media sports and entertainment, technology, life sciences, insurance, financial services, industrials, and consumer goods, food and retail.
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