The article also discusses a meeting of the New York chapter of the National Center of Corporate Directors (NACD), where the topic of discussion was the responsibilities of corporate boards in the era of Generative AI. The discussion, hosted by Ash Gupta, former Global President of Risk and Information Management for American Express, focused on the steps that corporate boards must take to safely embrace Generative AI. These steps include creating critical training for the board and corporate leadership, creating a test and learn culture, and keeping track of how industry-leading companies are employing Generative AI.
Key takeaways:
- Generative AI presents a significant challenge to corporate boards, with potential to disrupt industries and automate a large portion of business tasks, but also posing risks such as job displacement.
- Corporate boards need to consider the strategic implications of AI, their role as enablers, legal and transparency considerations, and the need for monitoring and learning to accelerate progress.
- There is skepticism about the level of understanding and expertise in Generative AI among board members, with a need for more education and training in this area.
- Steps to prepare corporate boards for a Generative AI future include creating critical training, fostering a test and learn culture, extending company knowledge through external collaborations, regularly discussing progress, and keeping track of industry-leading companies' use of Generative AI.