Responsible AI Critical for Realizing Benefits While Mitigating Risks
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AI promises benefits like improved customer experience and efficiency but raises ethical concerns around bias, fairness, and societal impact.
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There is an imperative for AI governance to ensure responsible and trustworthy AI adoption across the entire AI lifecycle.
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Organizations need ethical frameworks and risk management to mitigate unintended consequences from AI systems.
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The World Economic Forum defines responsible AI as empowering individuals and business while ensuring equitable impact.
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Key components include assessing AI's societal impact, minimizing bias, and building trust through transparency.