The toolkit, which is free to access, is aimed at business leaders to help companies make informed decisions about AI solutions that protect the customer and shareholders alike.
With the global spend on AI expected to hit $52 billion in the next three years, according to the WEF report, and to double the annual growth rates of major economies in the next 15 years, the kit is also aimed at ensuring business can benefit from machine learning in the best way.
While approximately 29 countries have created national artificial intelligence policies to mitigate the potential risks, there are only a handful of companies that have openly talked of doing the same.
“Companies will play a significant role in how AI impacts society,” said Kay Firth-Butterfield, head of Artificial Intelligence at the World Economic Forum. “Yet, our research found that many executives and investors do not understand the full scope of what AI can do for them and what parameters they can set to ensure the use of the tech is ethical and responsible.”
To help corporate boards tackle this challenge, the World Economic Forum worked with BBVA and other companies and technology experts over one year to develop the Empowering AI Toolkit.
"The power that AI brings us has to come with similar take on responsibility from creators and users"
Commenting, BBVA’s global head of Open Innovation and Advanced Data Analytics, Elena Alfaro, said: “AI is one of the biggest game changers for businesses, governments and society as a whole, and a huge source of opportunities to solve some of our most important challenges.”
“But the power that AI brings us has to come with similar take on responsibility from creators and users. This is why BBVA has collaborated with WEF in the development of this toolkit.”
Built with the structure of the board meeting in mind, the toolkit aligns 12 learning modules with traditional board committees and working groups. It aims to help companies make informed decisions about AI solutions that protect the customer and the shareholders.
It is the first toolkit to provide common ground for companies around the world to prepare board members for understanding the current landscape, the board responsibilities specific to that module topic, resources for learning more, a breakdown of oversight tools and case studies.
“Artificial intelligence is a tool in a corporate board’s toolkit,” Firth-Butterfield said. “Corporate boards need to know when to deploy it and how it aligns to a company’s overall strategy. The board, as the custodian of a company’s long-term ethical approach to business and the overseer of strategy, has a critical agenda-setting and oversight role in this area.”
The toolkit was designed by AI experts in collaboration with board members and key stakeholders from businesses across six countries to ensure it meets the specific needs of corporate leaders and can lead to practical action and concrete impact.
It was co-created by the World Economic Forum, with Centre for the Fourth Industrial Revolution Network Fellows from Accenture, BBVA, IBM and Suntory Holdings.