Developing an ethical approach to artificial intelligence (AI) is crucial for companies in today's fast-changing technological landscape. AI offers significant opportunities, but there are also ethical concerns that must be addressed. In this blog post, we will explore the benefits of prioritizing ethics when implementing AI and data solutions. We will then outline five essential steps to follow in order to develop an ethical approach, with insights from LexisNexis®.
Why Prioritize Ethics in AI
AI technology presents companies with reputational and strategic risks. As highlighted in Axa’s Future Risks Report, concerns related to big data and AI have become more prominent. Public opinion is increasingly wary, with 70% of individuals expressing the belief that AI research should be halted. Companies must address these concerns to retain customer trust and loyalty.
Steps to Develop an Ethical Approach to AI
1. Use Trusted Data Sources: Over 70% of executives agree that utilizing reliable data sources can enhance trust in generative AI tools. Data should be sourced ethically and in compliance with regulations.
2. Human Oversight: It is essential for staff to supervise data sources and review AI outputs to mitigate risks associated with opaque AI models.
3. Establish Ethical Guidelines: Companies should define ethical principles and guidelines for technology use, ensuring alignment with broader organizational values.
4. Transparency and Explanation: Transparency in decision-making processes related to AI will build trust among stakeholders and the public.
5. Third-Party Due Diligence: Conduct thorough due diligence on third-party providers to ensure ethical standards are met. Formalize ethical expectations in contracts.
Partnering with LexisNexis
With over 50 years of experience, LexisNexis offers reliable data solutions that adhere to intellectual property rights and legal requirements. Our commitment to transparency and data integrity enables companies to leverage AI technologies effectively.
Download our free ebook, Harnessing Data for AI Innovation, to discover how your organization can harness the power of AI with high-quality data.
