Monitoring AI progress for corporate governance

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Hugh Grove ORCID logo, Mac Clouse ORCID logo, Laura Georg Schaffner ORCID logo, Tracy Xu ORCID logo

DOI:10.22495/jgrv9i1art1

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Abstract

Artificial Intelligence technologies are predicted to contribute up to $16 trillion to the global economy by 2030. This rapid increase in AI development will have tremendous significance for all the major players for effective corporate governance and national leadership: boards of directors, owners, regulators, legislators, and the national public interest. While AI is believed to increase both the productivity and competitive advantage, it will lead to rapid transformation in the work force and evolve with a high degree of uncertainty. To facilitate the survival of public and other corporations and entities, all these major players should closely monitor the progress and pay attention to major trends in AI. The main research question of this paper is what are the key threats, challenges, and opportunities of AI. Major threats are the replacement of human activity with AI activity, which may not be able to be controlled by humans. Such control is a major challenge concerning AI as is the control and opportunity of human-AI partnerships. Digital dashboards and quantum computers are also part of all these challenges and opportunities. Accordingly, the paper studies the following AI topics currently being explored in the AI literature: key questions and issues for AI, monitoring trends in AI development, digital board audits for AI action plans, AI robotic process automation, and quantum computers with AI implications, AI progress assessment and conclusions.

Keywords: Artificial Intelligence, Monitoring, Corporate Governance

Authors’ individual contribution: Conceptualization – H.G. and L.S.; Methodology – H.G.; Resources – M.C.; Writing – Original Draft – H.G.; Writing – Review & Editing – L.S., M.C., and T.X.; Visualization – T.X.; Funding Acquisition – M.C.

JEL Classification: G30

Received: 07.01.2020
Accepted: 24.02.2020
Published online: 26.02.2020

How to cite this paper: Grove, H., Clouse, M., Schaffner, L., & Xu, T. (2020). Monitoring AI progress for corporate governance. Journal of Governance & Regulation, 9(1), 8-17. https://doi.org/10.22495/jgrv9i1art1