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CARBS Business Review

Can We Navigate The Path Towards Responsible And Accountable AI Practices?

Momina Hamid

08 June, 2023

Can We Navigate The Path Towards

The importance of ethical and accountable AI practices is becoming increasingly urgent as artificial intelligence (AI) rapidly evolves. According to a report published by Stanford University (SU), the global AI technology market is projected to grow explosively in the coming years, reaching a total market value of $190.61 billion by 2025. This growth is estimated to boost the world GDP (gross domestic product) by 26% ($15.7 trillion) by 2030. The ethical concerns surrounding AI technology, such as bias, transparency, privacy, and safety, have garnered significant attention.


In order to embark on the journey towards accountable and responsible AI practices, it is crucial to develop explicit ethical frameworks and principles. These recommendations should encompass key issues such as bias reduction, transparency, privacy protection, and safety considerations. Governments, industry leaders, researchers, and policymakers play a vital role in collaboratively establishing and implementing these standards to ensure that AI is developed and deployed in an ethical and responsible manner.


Addressing the ethical issues posed by AI requires collaboration across multiple disciplines. Ethicists, sociologists, politicians, and representatives from affected groups should work together to identify potential ethical problems, share knowledge, and develop ethical AI practices. Interdisciplinary cooperation offers diverse perspectives, fosters critical discussions, and aids in the creation of comprehensive ethical frameworks. Embracing the principles of ethics, justice, and openness in AI research and deployment not only safeguards people’s rights and values but also fosters trust, unlocks social benefits, and harnesses AI’s full potential as a force for good. As we progress on this journey, it is the collective responsibility of all of us

 

Transparency and explain ability are key to building trust and accountability in AI systems. AI decisions are not always understandable to humans, which is why users should be informed about the decision-making procedures employed by AI systems. Researchers are currently exploring methods for creating explainable AI, allowing humans to comprehend and interpret the decision-making processes of AI systems. Transparency also involves acknowledging the limitations and potential biases of AI systems to prevent misleading or harmful uses. However, the potential losses resulting from these issues can be significant. Cyber losses, for instance, are challenging to estimate, but the International Monetary Fund places them in the range of US$100–$250 billion annually for the global financial sector.


Responsible AI practices must prioritize data security and privacy protection. Companies should handle personal data with care, obtaining informed consent and adhering to privacy laws. Robust security measures must be implemented to safeguard data from unauthorized access and potential breaches. Striking a balance between utilizing data for AI advancements and respecting privacy rights is essential for building trust and upholding responsibility.

Momina Hamid

Momina Hamid

Momina Hamid is a Lecturer in Forman Christian College (A Chartered University) and Advisor of FCC’s Forman Business Society. She is actively engaged in writing blogs and research papers.

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Disclaimer

Please note that all opinions, views, statements, and facts conveyed in the article are solely those of the author and do not necessarily represent the official policy or position of Chaudhry Abdul Rehman Business School (CARBS). CARBS assumes no liability or responsibility for any errors or omissions in the content. When interpreting and applying the information provided in the article, readers are advised to use their own discretion and judgement.

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