A new report by Deloitte revealed that organisations with more mature AI governance frameworks report a 28% increase in staff using AI solutions and experience nearly 5% higher revenue growth. However, most organisations across APAC (91%) have only 'basic' or 'in progress' governance structures, signalling a great need for improvement in AI governance practices.
AI governance
Mismanaged AI solutions can lead to data breaches, loss of reputation and business and regulatory fines.
Dr Elea Wurth, lead partner Trustworthy AI Strategy, Risk & Transactions Deloitte, Asia Pacific and Australia, says: "Effective AI governance is not just a compliance issue; it is essential for unlocking the full potential of AI technologies."
Building trustworthy AI
The report highlights what organisation leaders can take to improve their AI governance. This includes continuous evaluation of AI Governance to maximise AI ROI, understanding and leveraging the broader AI supply chain, developing employees to identify, assess, and manage potential risks, and communicating and ensuring AI transformation readiness across the business.
"Urgent action is required by senior leaders to enhance their current AI governance practices to unlock the benefits of AI, as well as being prepared for emerging AI regulations which will impact future business success", says Deloitte Asia Pacific's Consulting Businesses Leader Rob Hillard.
Building trust as the path to scale
The insights presented in the recent Asia Pacific report, 'AI at a Crossroads: Building Trust as the Path to Scale,' co-developed by Deloitte Access Economics and Deloitte's AI Institute, are based on a comprehensive survey of nearly 900 senior leaders 900 surveyed senior leaders from Australia, China, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.