Business Insight

Board Priorities 2024: Artificial Intelligence

11 January 2024

Forefinger on hand touching electronic screen

Generative AI has significantly accelerated the adoption of artificial intelligence and catapulted it to the top of board and executive corporate agendas. It has the potential to radically transform the way in which organisations do business, as well as materially enhancing the goods and services it provides. But this transformative power also comes with a unique set of risks, which if not carefully considered, can not only undermine progress but also introduce material issues that may not have existed previously.

Unlike 'traditional' AI and machine learning, the development of which was confined to technical data science teams, generative AI has democratised the technology and put it in the hands of anyone with an internet connection. This makes the governance of AI incredibly challenging. It is for this reason that it's imperative that AI strategies are both well-articulated and well-understood.

AI governance frameworks, if they do not exist already, need to be designed and implemented effectively, whilst accounting for the risks that it poses based on the use-cases for the technology within the organisation. The role of the board is therefore a critical one in ensuring adequate oversight that the organisation's use of AI is legally compliant, fair, ethical, and responsible.

Read about the other Board Priorities for 2024

Rhiannon Webster, Partner, Digital Economy, London

T: +44 7917 005 541
E: Rhiannon.Webster@ashurst.com

Rhiannon Webster is a partner in Ashurst's digital economy transactions practice, advising on information law both in the UK and on international projects. She advises on a full range of data protection issues to a wide range of clients including financial services companies, technology companies through to health providers. Rhiannon is commended for offering strategic commercial advice on data protection compliance obligations including in the context of new technologies such as cloud services, telematics, big data initiatives and the internet of things.

Rhiannon also advises on data security breach management and regulatory enforcement action including representing clients in their communications with the ICO and other regulators.

Rhiannon has worked closely with the Information Commissioners Office including being the legal expert on their citizens jury into the explainability of AI.

Matthew Worsfold, Ashurst Risk Advisory, London

T: +44 782 3340 980
E: Matthew.Worsfold@ashurst.com

Matt is a Partner and the Data & Analytics practice lead at Ashurst Risk Advisory (ARA) having joined the firm as a founding member of ARA in June 2020. He is an experienced data, technology and risk analytics leader who has extensive experience in delivering large-scale risk, regulatory and compliance projects.

He focuses on providing innovative data-driven solutions that help organisations with their use and understanding of their data to solve complex risk, compliance and legal challenges in areas including AI, cyber, data privacy, data governance, regulatory change, financial crime, investigations and regulatory reporting.

This publication is a joint publication from Ashurst LLP and Ashurst Risk Advisory LLP, which are all part of the Ashurst Group.

Ashurst Risk Advisory LLP services do not constitute legal services or legal advice, and are not provided by qualified legal practitioners acting in that capacity. The laws and regulations which govern the provision of legal services in the relevant jurisdiction do not apply to the provision of risk advisory (non-legal) services.

This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.