Many business leaders have “misplaced confidence” in the strength of their responsible AI practises, according to a new survey by EY.

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

A recent survey by EY indicates that many business leaders may have misplaced confidence in their organisations' responsible AI practices. While AI is increasingly integrated across business operations and companies are working to upskill their workforce, there is a notable gap between executive perceptions and consumer expectations regarding AI risk management.

The survey found that while a significant portion of C-suite executives believe they have AI risks under control, CEOs themselves are less certain. This disconnect suggests that businesses may not be as prepared for AI-related challenges as they believe, underscoring the importance of aligning leadership understanding with actual risk mitigation efforts.

C-suite overconfidence in AI could prove bad for business, says survey

We've seen a significant shift over the last year with obviously many more clients working on AI initiatives. But a year ago the conversation was much more around that use cases. So clients were looking at a specific process or a specific part of the business. And now AI is much more integrated pretty much in their approach to everything they do. Clients are looking at AI through a few angles. I mean obviously AI has driven a significant need to upskill the workforce. You need to have a workforce ready to embrace AI and to adopt AI and to leverage AI. And what we've seen is because AI is an evolving ecosystem as well that companies are thinking through introducing a level of agility in their decision making to give them access and the capacity to take on what AI is going to bring our way over the next next while without really completely knowing what the answer is. The level of agility is something that we're working very hard with our clients. So they're ready to take on whatever the future brings. There seems to be a decent gap between C-suite expectations and understanding of what responsible AI and what the risk of AI is and what the customer and consumers expectations are. We released our AI trusted survey a couple of weeks ago and it was interesting to see that C-suites in general have a decent understanding or they're under the impression that they have a decent understanding of the implication and risk of AI. However when you ask the consumers about whether they're comfortable with AI coverage being well understood and risk being highly mitigated there's a disconnect there. One in five CEOs think that they have AI risk under control while their C-suite a third of their C-suite think that they have AI risk under control. So the CEOs seem to be a bit less comfortable that AI risk is being fully understood and mitigated than their C-suite.

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C-suite overconfidence in AI could prove bad for business, says survey

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Rise of AI