Many companies are beginning to test and leverage emerging technologies, including generative artificial intelligence (AI), to increase efficiency and financial value.
However, more than half (56%) of respondents to Deloitte's second annual State of Ethics and Trust in Technology report said their company either does not have specific ethical guidelines for AI or that they are not aware of such guidelines for the use of AI.
"Formulating and adhering to robust standards and protocols can help prevent the potential risks and harms of AI," the report said. "Before developing a specific set of standards and policies governing AI, a company should first consider defining ethical principles."
Respondents were business and technical professionals actively involved in the development, consumption or management of emerging technologies, spanning nine regions.
The lack of ethical guidance from companies raises ethical concerns as employees have conflicting views on the social impact of emerging technologies. The report said 57% of respondents considered cognitive technologies, including AI, to be "the technologies with the greatest potential for serious ethical risk". At the same time, 39% believe cognitive technologies have the greatest potential for social benefits.
The report points out that as the benefits of using AI in companies increase, so do the risks associated with it. Respondents rated reputational damage (38%), human factors damage (27%) and regulatory sanctions (17%) as the top risks for ethical lapses in AI implementation.
"Ethical missteps can lead customers to distrust the organization and undermine hard-won positive brand sentiment," the report says. Other potential harms include invasion of privacy, technology-facilitated discrimination, HR challenges and job displacement.
Despite the uncertainty regarding job security, 49% of respondents said workers in their organisation displaced by AI had moved on to other roles, retrained and upskilled. 27% said they had no workers displaced by AI; 13% said workers had moved on to other positions but had not been retrained or upskilled; and 11% said jobs in their organization had been cut.
Deloitte suggests four approaches to establishing ethical principles related to emerging technologies:
Compliance and regulatory standards: 'The focus of this approach is working within legal, published guidelines that are minimally influenced by the company's values'.
Alignment of principles with company culture: the report recommends alignment with "formal and informal systems, behaviours and values".
Comply with standards of conduct: The report mentions professional responsibilities such as avoiding discrimination, conflicts of interest, insider trading, bribery and other unethical acts.
Define specific ethical standards: The report recommends that companies avoid a cookie-cutter approach, as technologies themselves are different and therefore need specificity.
"There is an inherent opportunity to apply emerging technologies for the public good while creating financial value for the enterprise," Kwasi Mitchell, Deloitte's chief objectives and DEI officer, said in a press release. "However, the adoption of AI is outpacing the development of ethical principles around the use of the technology, which heightens the potential risks to society and corporate trust if these standards continue to lag." /BGNES
