The Institute of Directors (IoD) Guernsey hosted its annual Mid-Term event last week sparking important discussions on the use of artificial intelligence in the boardroom, and the oversight of technology applications within an organisation.
In a year marked by significant investment in AI technologies, the Mid-Term event served as a platform to underscore the importance of AI adoption, and explore AI technologies’ ethical, legal and governance challenges and AI’s potential impact on business strategy and operating models. Guest speakers Bob Semple, Chartered Director and Consultant at the Corporate Governance Institute, and Dr Roger Barker, Director of Policy and Corporate Governance at the IoD, led the engaging session.
Dr Barker opened the event with an overview ofthe IoD's research project with London Business School which will delve into the multifaceted impacts of AI across various sectors. Highlighting both the opportunities and risks associated with AI integration, Dr Barker emphasised the need for organisations to navigate these challenges effectively. He then outlined the societal risks, including the dissemination of false information and diminishing human control, while also drawing attention to the different regulatory approaches of the EU, the UK and US policy makers.
Drawing from his extensive experience, Bob Semple addressed the hype surrounding AI and stressed the importance of recognising its long-term value. He also discussed the importance of adopting generative AI tools and their potential to revolutionise organisational processes.
Mr Semple also presented findings from the IoD's recent survey of Guernsey's directors, which revealed disparities between business leaders’ recognition of AI's importance verses its implementation in boardrooms. He encouraged attendees to integrate AI discussions into board agendas, assess data positions, evaluate AI risks, and prioritise AI use cases for maximum impact.
The IoD Guernsey's annual Mid-Term event served as a catalyst for meaningful conversations surrounding AI integration in organisational strategies, reflecting the organisation’s commitment to fostering innovation and excellence in corporate governance.
You can find out more information about upcoming events on the IoD Guernsey’s website.