Best push to talk key hots12/28/2023 Machine learning technology uses statistical algorithms to find patterns in data and to optimize performance in finding those patterns based on the data Governance Insights 20232Davies | 3consumed. In fact, virtually all AI that has been developed until very recently may be classified as narrow AI.The past 15 years have witnessed a massive expansion in the development and use of a particular type of AI technology known as machine learning. Most of us use some form of narrow AI every day. These are referred to as “narrow AI.” Narrow AI is one end of a spectrum at the other end is “broad AI,” sometimes also called artificial general intelligence (AGI). Many of our frequently used AI applications are built on technologies that are designed to perform a single task or a relatively limited set of related tasks. Since then, AI has transformed the way we learn in school, edit photographs, buy groceries, use maps, book travel, conduct research, watch movies and listen to music. The first running AI program was created in 1955 it was called Logic Theorist and was able to prove complex theories in mathematical logic. Alan Turing’s seminal paper, “Computing Machinery and Intelligence,” was published in 1950, and the first proposal for artificial neural networks came in 1943 when Warren McCulloch and Walter Pitts developed the first models. Research into AI predates the existence of the term. That said, AI is generally thought of as any technology that allows computers to perform or mimic the cognitive functions that we usually associate with human intelligence. In this chapter, we will discuss these three requirements and offer practical considerations for boards and their advisers.Get Smart on Artificial Intelligence (AI) and Corporate Governance: Key Considerations for Boards of GOVERNANCE INSIGHTS 2023Spotlight: AI and Generative AI: A PrimerArtificial intelligence is “the science and engineering of making machines intelligent.”- John McCarthy (a founder of the discipline of artificial intelligence)The term “artificial intelligence,” coined by John McCarthy in 1955, has a long history in computer science, cognitive science and philosophy, so caution is advised when considering what should be brought within its scope. For management teams, boards of directors and their advisers, effectively harnessing the opportunities while simultaneously managing the risks associated with the use of these technologies require (i) an intentional commitment to learning the current and potential uses of AI within the business, including a clear articulation of the organization’s goals in using AI (ii) staying apprised of the risks associated with the organization’s use of AI and (iii) developing a thorough AI governance strategy. Technological developments, including the rise of generative AI, do not alter the fundamental fiduciary responsibilities of corporate directors to make decisions honestly, prudently, in good faith and on an informed basis. While business teams may be motivated to push for rapid adoption of new AI-related technologies, corporate directors mindful of their duty to manage risk may seek to tread more cautiously. It is frequently suggested that companies that embrace innovation will be best positioned to seize the competitive advantages offered by generative AI. As Mustafa Suleyman, co-founder of Google DeepMind (an AI company) wrote, “AI is different.no technology this powerful has become so accessible, so widely, so quickly.” The scale and speed of adoption of generative AI systems and the growth of market interest in AI technologies are testament to this fact. Driving many of these debates is the fact that, at its core, AI is a powerful technology, unparalleled in its accessibility and potential for disruption. Conversely, critics have lamented the disruptive impact that generative AI could have on education, human intelligence and the labour market. Content-generating technologies such as OpenAI’s ChatGPT, Google’s Bard and Anthropic’s Claude, with their potential to drive innovation, increase efficiency and improve decision-making, have been hailed by proponents as transformative technologies, power enablers and skill levellers. This surge of interest is also driving an increase in competition and global investment in AI, currently projected to reach US$200 billion by 2025, and an urgency to address the use and regulation of AI. 1Get Smart on Artificial Intelligence (AI) and Corporate Governance: Key Considerations for Boards of DirectorsOn November 30, 2022, OpenAI released ChatGPT-a conversational, generative artificial intelligence (AI) chatbot trained on OpenAI’s foundational large language models-arguably catalyzing today’s new wave of interest in AI.
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