Since 2019, government-sponsored initiatives around AI have proliferated across Asia Pacific. Such initiatives include the setting up of cross-domain AI ethics councils, guidelines and frameworks for the responsible use of AI, and other initiatives such as financial and technology support. The majority of these initiatives builds on the country's respective data privacy and protection acts. This is a clear sign that governments see the need to expand existing regulations when it comes to leveraging AI as a key driver for digital economies. All initiatives to date are voluntary in nature, but there are indications already that existing data privacy and protection laws will be updated and expanded to include AI. To anticipate this, data and technology governance initiatives must evolve now.
Data And Technology Governance Must Step Up To Embrace Ethics And Risk
Traditionally, data governance and the governance of tech associated with data has focused on topics such as master data management, data quality, and data retention -- all primarily operational. With the rise of privacy laws and data protection acts such as the General Data Protection Regulation (GDPR) in the EU and the Personal Data Protection Act (PDPA) in Singapore, the scope of data governance has been expanded to include data privacy, personal data protection, and data sovereignty. This has shifted data governance out of the operational corner and into the spotlight of regulatory compliance and enforceable laws.
With AI being ready for prime time -- that means large-scale production deployments -- data and technology governance must step up again and include data and AI ethics and AI risk management.
Call To Action: Evaluate The Implications Of Managing AI Risk For Your Organization Now
Like cybersecurity risk before it, regulatory initiatives and consumer demand join forces to drive AI risk management to the top of the corporate agenda. Evaluate your data and technology governance initiatives now to identify gaps and maturity challenges when it comes to the responsible use of data and AI. Prepare for AI risk management to follow cybersecurity risk to the boardroom and kick off corporate collaborations and cross-functional initiatives, including governance, risk, corporate social responsibility, and ethics. Ultimately, understand how you can build trust with your customers, partners, and employees into your responsible use of data and AI -- and turn this trust into your competitive advantage!
For more business and technology trends critical for the year head, download Forrester's 2021 Asia Pacific Predictions Guide here.
This post was written by Principal Analyst Achim Granzen, and it originally appeared here.