Less than a fifth (19%) of organisations in the UK have implemented a comprehensive AI strategy, despite widespread adoption, according to new research.
Research from the law firm Shoosmiths with FT Longitude has found that AI governance is not a top priority for many firms, with less than a quarter (24%) citing regulatory compliance as a top concern, compared with 44% among EU companies.
The law firm notes that among those surveyed, around 61% of companies are at the early stages of constructing proper governance structures, with the rest even further behind.
“There’s often pressure to accelerate AI adoption, but doing so without a robust AI governance framework in place won’t capture the value of AI and data assets, or deliver sustainable returns on AI investment,” said Sarah Reynolds, technology and AI partner at Shoosmiths.
“Responsible AI is not just about mitigating risk and operationalising regulatory compliance. Our research shows that there’s a direct correlation between highly trusted and high-performing AI systems – so if organisations promote high standards of public safety and risk management they not only perform better, but they also build reputational capital and achieve a competitive advantage.”
Despite this, almost two-thirds (64%) still claim AI’s impact has been significantly positive.
“When we speak to businesses to find out where the data that underpins their AI models is coming from, the answers are not always reassuring,” said Alex Kirkhope, technology and outsourcing partner at Shoosmiths.
“Often, [companies] are building their solutions on third-party models and outsourcing data hosting capabilities. This provides a comfort blanket of assurance that data is managed correctly, but it is not always justified.”
