- The report found that 53 per cent Indian respondents had no formal approach to identify AI risks
- It also found that about 50 per cent Indian CEOs plan to introduce AI initiatives over the next three years
According to a report by PricewaterhouseCoopers (PwC) India, India Inc lacks a formal approach to AI risk evaluation and only 10 per cent of Indian CEOs are confident about the reliability of their AI applications.
The study also found 69 per cent of the CEOs strongly believe “AI will have an impact on the world than the internet revolution,” while 42 per cent global CEOs feel that AI will significantly change the way they do business in the next five years.
The report titled ‘With AI’s great power comes great responsibility’, found that 53 per cent Indian respondents had no formal approach to identify AI risks.
“Responsible AI” framework required
“It is encouraging to see Indian organisations adopt or willing to adopt AI in the coming years. However, to scale AI initiatives, organisations will have to ensure these solutions that are ethically sound, compliant with all regulations, and come with robust governance framework,” said Deepankar Sanwalka, leader- advisory, PwC India.
“Merely adopting AI will not yield desired results. AI must be supported by strong performance pillars addressing bias and fairness, interpretability and explainability, robustness and security,” said Sudipta Ghosh, leader-Data and Analytics, PwC India.
The report noted the implementation of the “Responsible AI” framework that can help organisations assess potential threats and mitigate foreseen or unforeseen risks. It also highlighted that CEOs from Indian organisations strongly believe that AI can serve as a catalyst for business as well as larger social transformation.