The rapid adoption of generative AI (genAI) outstrips corporate governance capabilities, with 75% of firms implementing genAI but only one-third having proper controls. Although executives recognize its potential, many admit their governance frameworks are outdated. EY's survey of C-level leaders revealed a significant investment into addressing governance gaps, but awareness of AI risks remains low, particularly among executives when compared to consumer concerns. With the evolving AI landscape, strong governance is crucial to mitigate biases and privacy risks associated with AI technologies.
Consumer concerns about AI responsibility impact brand trust, placing CEOs at the forefront of these discussions. Executives must develop responsible strategies to mitigate AI risks.
While CEOs express more concern than their C-suite colleagues, overall awareness of genAI risks remains low, with executives only half as concerned as consumers about responsible AI.
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