With the competing interests of the societal benefits of AI and the need to monitor its risk hurtling at each other at hypersonic speed, the need for boards to address the challenge is urgent.
feature noted, this great promise is offset in part by algorithmic flaws and other undetected risks or application failures that could result in severe patient harm. Such concerns are exacerbated by limitations on the ability of researchers, clinicians and administrators to promptly identify and respond to breakdowns in AI application. Moreover, the sheer volume of available AI models may overwhelm the ability of staff to effectively understand and manage them in the interest of the patient.
But legitimate concerns regarding AI management, failure and risk—and the need for government regulation—with the need for moderation in risk management and regulation. Commercial thought leaders increasingly view technology as a leading source of competitive advantage in the global marketplace and an emerging pillar of the U.S. economy. AI innovation is seen as an important component of that technology.
The importance of this risk/benefit conflict has been recognized by several leading U.S. commercial policy organizations. For example, earlier this year the prominent Business Roundtable introduced its “ ,” intended to advance U.S. leadership in the use and regulation of AI technology. The expectation is that the Commission will recommend “durable, bipartisan AI policy solutions” intended to support to innovation while fostering fairness in the deployment of AI.
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