World's largest law firm calls for a system of 'algorethics' so that the right checks and balances can be put in place
Global business leaders harbor major concerns over the decisions and omissions made by Artificial Intelligence (AI) systems - despite the fact that 60% of companies now use them.
Dentons, the world's largest law firm, has conducted a survey of global business leaders on their organizations’ use of AI, as well as on the risks and opportunities presented by AI technologies. The results of the survey reveal that businesses around the world recognize the many benefits of AI, such as saving time by automating processes, generating data-driven business information for decision making and reducing human error in processing, while also surfacing the following areas of concern:
'AI has become part of everyday life and businesses are riding a wave of optimism as they pursue growth strategies that incorporate the implementation of these fast-developing technologies,' said Giangiacomo Olivi, Dentons' Co-Head of Europe Data Privacy and Cybersecurity, Intellectual Property and Technology.
'However, global business leaders are beginning to ask serious questions about where the responsibility for good governance, regulation and compliance sits. We urgently need to start a dialogue on the controls needed to protect businesses, customers, shareholders and communities. With the release of the Dentons AI survey we are calling call for a system of "algorethics" so that the right checks and balances can be put in place. Moral considerations need to become an integral part of the development of AI technologies, balancing business objectives with a focus on people.'
The Dentons AI survey was conducted online amongst 209 global business leaders in September 2021. It was complemented by an additional 698 responses to LinkedIn polls. The survey underpins the Dentons Artificial Intelligence Guide which presents insights from Dentons lawyers on the legal and regulatory issues that businesses using AI will need to grapple with. It is supplemented with snapshots of government strategies and regulatory developments in Europe, Canada, China, India, Israel and the United States. Please click [HERE] to access the full report.
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Dentons’ legal team in Bucharest, under the leadership of Managing Partner Perry Zizzi, provides its clients with a results-oriented approach and efficient legal solutions. In over two decades of activity in Romania, the Firm has advised on cornerstone deals for domestic and international clients across multiple sectors. Key practice areas include Banking and Finance, Real Estate, Corporate, Employment, Energy and Infrastructure, Competition and Litigation.