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Perform thorough assessments of AI use within your organization to understand what is currently being used and how. This will also prevent issues from "shadow AI" (i.e., the unsanctioned use of AI tools or applications by employees or end users without approval or oversight of the IT department).

Review and update your organization's strategy to ensure its relevance in the AI era. Define what "good" looks like for your organization, then craft an AI strategy that supports overall business objectives.

It’s crucial to avoid adopting AI for its own sake. Instead, ensure every AI initiative aligns with meaningful business outcomes and strategic goals.

Define and assign AI-related responsibilities, considering ownership and delegation of matters to appropriate committees. Establish and enforce AI ethics and policies through an empowered ethics committee.

Integrate relevant policies, regulations and guidelines into day-to-day processes to ensure they actively guide operations rather than remaining theoretical.

Develop appropriate evaluations and benchmarks to identify how AI deployments contribute to strategic goals. Consider using a framework similar to Grammarly’s four measurement categories:

• Compliance
• Quality
• User/employee experience
• Bottom-line impact

Boards should stay informed about evolving AI regulations and ensure compliance. This includes understanding data protection laws, ethical AI guidelines and industry-specific regulations that may impact AI deployment.

Neglecting AI governance has already led to high-profile incidents. For example, Workday is facing a novel class action suit for bias in its AI-based job screening algorithm (which is said to discriminate against minority applicants). Proactive governance can prevent such situations.

Boards play a crucial role in guiding their organizations through the AI revolution. By focusing on governance, education, responsible implementation and strategic considerations, your board can ensure your company harnesses the power of AI while managing associated risks and ethical concerns.

As a board member, you are uniquely positioned to navigate your organization through AI’s complexities. Start today by prioritizing education, governance and strategic alignment. The future of your business may depend on it. artificial intelligence software