India Inc lacks a formal approach to Artificial Intelligence risk evaluation

A recently released report by PwC maintains that while Artificial Intelligence (AI) has the potential to solve complex problems and help in building scale for the enterprises, “badly designed AI can cause more harm than good.”

The report titled ‘With AI’s great power comes great responsibility’, highlights the importance of having a roadmap for enterprises to embark on an AI journey responsibly. The report is based on a comprehensive study conducted with over 1,000 CXOs and business decision makers from India and other regions, between May and September 2019. The intent of the study was to understand their outlook towards AI in India. The report underlines the imperative of building AI systems that are responsible, understandable and ethical, ensuring customer trust.

Commenting on the study, Deepankar Sanwalka, Leader- Advisory, PwC India said: “It is encouraging to see Indian organisations adopt or willing to adopt AI significantly in the coming few years. However, to scale AI initiatives, organisations will have to ensure these solutions are ethically sound, compliant with all regulations, with a robust governance framework.”

Sudipta Ghosh, Leader- Data and Analytics, PwC India added: “Merely adopting AI will not yield desired results. AI must be supported by strong performance pillars addressing bias and fairness, interpretability and explainability, robustness and security. Else, the enthusiasm to implement AI projects is very likely to run into headwinds. Benefits of AI may be realised when an appropriate governance framework and dimensions are in place, and humans and machines can collaborate effectively. We need to ensure that AI acts in the interests of society at each stage of development.”

(Pix courtesy: Hitesh Choudhary on unsplash)

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