As artificial intelligence (AI) increasingly integrates into business operations, industry leaders caution that robust governance frameworks have become essential. Without these structures, companies risk facing turmoil reminiscent of previous technological disruptions, such as the rush towards cloud services that required years of correction. During the AuditBoard’s Audit+Beyond event, compliance experts highlighted that organisations need to establish clear guidelines for AI usage.
Michelle Lee, CEO of Obsidian Strategies, addressed significant AI challenges, including the potential for algorithmic hallucinations, insufficient governance, and biases in machine learning models. With new regulations like the EU Artificial Intelligence Act (AI Act) on the horizon, the need for comprehensive, strategic governance frameworks is urgent. Industry leaders argue that establishing robust protections is critical not only for legal compliance but also for fostering reliable AI systems that encourage sustainable innovation in the long run.
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