While that’s a concern, it’s encouraging to see that leaders are aware of and closely considering ethical governance. Some 57% say they either review selected digital technology under a governance model, or their governance function is well established and active. This compares with just 20% of laggards, demonstrating that leaders are three times more likely to have advanced governance approaches.
Although companies are still getting to grips with ethical governance of emerging technologies, many large technology vendors are blazing a trail and building their own frameworks for the technology they create. For example, Microsoft² has set out six core principles it believes should be at the heart of any development of AI, and Alphabet (the parent company of Google)3 has formally laid out what it believes are principles and best practices for data governance in the cloud.
“Governance is a trendy topic, but for us in insurance, it’s core,” says MAPFRE’s Chief Digital Business Officer Mónica García Cristóbal. “I was responsible for AI and robotics for the last few years as MAPFRE’s Corporate Digital IT Director, and one of the first milestones that the group carried out regarding AI was to define a data governance model. We did this to boost the use of data from all the data sources available in an organized, reliable and transversal way. We acknowledged that once you enter an unexplored territory, such as the artificial intelligence or machine learning, the values of the company have to be aligned. When you enter a new space, be it Al or machine learning or cognitive, or voice recognition, the customers need to be in the center.”