TLDR: Experts, including former Minister of Communication Technology Dr. Omobola Johnson, have called upon company secretaries and corporate boards to establish robust Artificial Intelligence (AI) governance frameworks. The emphasis is on ensuring transparency, accountability, and human oversight in AI deployment, while also addressing potential biases and risks.
A significant call to action has been made to company secretaries and corporate boards, urging them to take a proactive role in shaping the future of Artificial Intelligence (AI) through the establishment of strong governance frameworks. This appeal comes from prominent figures, including Dr. Omobola Johnson, a former Minister of Communication Technology and Senior Partner with TLcom Capital. Dr. Johnson delivered this message on Wednesday in Lagos during the Investiture Ceremony of Mrs. Uto Ukpanah, the 30th President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
Dr. Johnson underscored the critical need for AI governance frameworks that prioritize transparency, accountability, and human oversight. She stressed the importance of striking a balance between fostering innovation and ensuring compliance with ethical responsibilities and regulations. Highlighting the documented instances of algorithmic bias in AI systems, Dr. Johnson emphasized that organizations require vigilant boards and appropriate AI governance structures to effectively identify and mitigate potential risks during AI implementation and use.
It is clear that if AI is going to play a central role in our future, how we manage it must just be as sophisticated as the technology itself, Dr. Johnson stated. She further elaborated, To balance innovation with responsibility, the board must strengthen its oversight, ensuring that AI is deployed to align with organization’s values, mitigates risks and complies with relevant regulations and ethical standards.
Furthermore, Dr. Johnson advised company secretaries to publicly disclose major AI issues, its applications, and the safeguards put in place, whenever necessary. She also urged them to develop clear AI ethics policies and ensure that boards do not overlook the crucial human element in AI processes.
In her valedictory address, the outgoing ICSAN President, Mrs. Funmi Ekundayo, reflected on her tenure, describing the privilege to serve as both humbling and uplifting, challenging and transformative. Her administration’s achievements included the promotion of corporate governance in both public and private sectors.
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This discourse highlights a growing recognition within the corporate world of the profound impact of AI and the imperative for responsible stewardship to harness its benefits while safeguarding against its potential pitfalls.
