Global AI adoption is growing steadily. In 2022, 35% of companies reported using AI in their business, and an additional 42% reported they are exploring AI.
Its deployment can help organizations of all sizes and sectors to drive operational efficiency, optimize decision-making processes, and gain a competitive edge. However, they must navigate a set of challenges to successfully implement and leverage its potential.
Some of these challenges include:
Perceived complexity and lack of understanding surrounding AI technology. Many businesses may not fully comprehend the various applications and benefits that AI can offer to their specific industry or operations. This lack of awareness can lead to a hesitation to invest in AI solutions.
Data privacy and security concerns can also deter businesses from embracing AI. The use of AI often involves collecting and analysing large volumes of data, which raises concerns about protecting sensitive information and complying with relevant regulations.
Lack of trust in the quality, accuracy and reliability of AI systems. Faulty or biased AI algorithms can lead to incorrect decisions, compromising the quality of products or services and potentially damaging a business's reputation.
Ethical considerations such as bias and transparency, demand careful attention to ensure responsible deployment and gain public trust.
Addressing these challenges requires a systematic approach to managing the transition within businesses.
BS ISO/IEC 42001 Information Technology — Artificial intelligence — Management system is the first international standard to provide best practice for governing AI effectively. It aims to build trust in the technology, so it becomes more widely trusted and deployed to the advantage of organizations, as well as wider society.
Developed by experts from 50 countries, including the UK (via the British Standards Institution), BS ISO/IEC 42001 is an integral part of improving the governance and accountability of AI globally.
BS ISO/IEC 42001 specifies the requirements and provides guidance for establishing, implementing, maintaining and continually improving an AI management system within the context of an organization. It is what is known as a ‘management system’ standard, developed specifically for AI.
A management system sets out the processes an organization needs to follow to meet its objectives and provides a framework of good practice. These standards help organizations to put an integrated system in place, including, for example, senior management support, training, governance processes and risk management – all essential to getting AI governance and accountability right.
To learn more about how standards are supporting businesses with their AI adoption, visit our Artificial Intelligence Topic Page.
From streamlining workflows and automating routine tasks to extracting invaluable insights and personalizing customer experiences, implementing an AI management system has emerged as a strategic imperative for businesses seeking to thrive in the age of intelligent automation.
BS ISO/IEC 42001 benefits businesses by:
Accelerating trust in AI adoption. Its implementation builds trust in how AI innovation is conducted, improving the quality, security, traceability, transparency and reliability of AI applications and reduces regulatory and market confusion.
Improving capacity for AI implementation, innovation and adoption. A management system can create a more stable and predictable environment for the development and deployment of AI systems.
Improving AI quality as this standard can help to ensure that AI systems are developed and deployed consistently.
Supporting compliance with national and global AI objectives, international regulators, and legislators.
Cost savings as this standard can reduce the costs associated with developing and deploying AI systems, as businesses can rely on existing frameworks, protocols, and guidelines rather than creating them from scratch.
Ensuring proper governance by helping clients use AI in a responsible way. BS ISO/IEC 42001 can help businesses promote accountability by establishing clear lines of responsibility.
The UK government has a ten-year plan to turn the UK into an AI ‘superpower’ and has a National AI Strategy to achieve this - balancing good governance with encouraging innovation.
The release of this international standard provides agility in a fragmented market where regulations are still in development. This guidance will help accelerate trusted AI development and use, addressing the risks and building confidence as it becomes part of our daily lives.
BS ISO/IEC 42001 will be a critical building block for the AI assurance ecosystem as outlined in the UK government’s roadmap. The UK government’s national AI strategy references the standard and its approach is likely to be supported by other regulators and legislators around the world bringing organizations to implement BS ISO/IEC 42001.
Do you want to maximize the value of your AI technology? Add BS ISO/IEC 42001 to your collection today.