What is a key benefit of a strong AI governance program?

A strong AI governance program is primarily designed to mitigate risks associated with the development and deployment of AI technologies. These risks can include ethical concerns, compliance with regulations, unintended consequences of AI systems, and data privacy issues. A comprehensive governance framework establishes guidelines, policies, and processes to ensure that AI is used responsibly and ethically, thereby minimizing potential harm to individuals and organizations.

In the context of AI, governance helps organizations to identify and address biases in AI models, comply with legal frameworks such as data protection laws, and ensure accountability in decision-making processes. By effectively managing these risks, organizations can build trust with stakeholders, enhance their reputation, and foster a safer and more transparent AI environment.

While improvement of data storage, increase in algorithm speed, and reduction of employee training time may be beneficial byproducts of various AI initiatives, they do not encapsulate the core objective of a strong AI governance program, which is fundamentally about risk management and ensuring responsible AI practices.