## Companies Racing to Deploy Generative AI Technology
Since the launch of ChatGPT in 2022, companies have been racing to deploy generative AI technology into their work. Executives are excited about how AI boosts productivity, analyzes data, and cuts down on busy work. According to Microsoft and LinkedIn’s 2024 Work Trends report, close to four in five business leaders believe their company needs to adopt the technology to stay competitive.
## Risks of Adopting AI in the Workplace
While the benefits of AI in the workplace are clear, adopting this technology also presents risks, including reputational, financial, and legal harm. The challenge lies in identifying and measuring these risks, which can be ambiguous. AI programs run responsibly should include strategies for governance, data privacy, ethics, and trust and safety, but experts warn that these programs haven’t kept up with innovation.
## Slow Progress in Responsible AI Implementation
Efforts to use AI responsibly in the workplace are moving slower than they should be, according to industry experts. Implementing responsible AI programs often requires a significant investment and a minimum of two years to fully implement. Company leaders are more focused on quickly developing AI to boost productivity rather than investing in risk management capabilities.
## Funding and Legislative Efforts for Responsible AI
Investors need to play a more critical role in funding tools and resources for responsible AI programs. While funding for generative AI startups has been significant, there is a disproportionate focus on AI innovation over AI governance. Legislative efforts, such as the EU’s Artificial Intelligence Act and the Biden Administration’s executive order, aim to address the risks associated with AI applications. However, with the rapid pace of innovation in AI, government regulations may not be enough to ensure companies are adequately protecting themselves.
## The Future of Responsible AI Integration
As the demand for AI governance and risk experts outpaces the supply, it is crucial for companies to prioritize ethical frameworks, infrastructure, and tooling to ensure sustainable and responsible AI integration across all sectors. Without proper risk management capabilities, AI initiatives could face setbacks or even lead to unintended societal risks, reputational damage, and regulatory complications.