No more risky business - 4 risks to avoid before implementing AI

With the advent of Artificial Intelligence (AI) and the world of work embracing it with open arms, the next step is integrating AI programmes into our daily lives.

As prompt engineering and automation submerge us into a world of unchartered waters, you will face the reality of AI: The unknown can be dangerous - filled with hidden liabilities for your business.

Indeed, it's not a burden you want to bear, right?

According to BusinessTech, South Africans are among the top 10 most frequent users of ChatGPT and other AI programmes. In a country filled with political strife, rising unemployment and everyday obstacles, AI programmes promise to address these challenges and foster the growth we've longed for.

This isn't a risk-free pot of gold. Like with every discovery, it takes time for its consequences to become apparent. So, what exactly are these risks? And what are the solutions?

Here's how we can proactively navigate AI with ease and safety:

Data Privacy and Security

In most careers/jobs, we have access to a certain amount of sensitive information. And in most applications of AI, we need company info to grow our businesses.

So, how do we protect our data?

Most of these apps, like ChatGPT, have policies in place to protect and secure your data. In their privacy policy, ChatGPT claims that they anonymize any information put through the language model.

But this hasn't stopped the alarm bells from being raised.

In April 2023, Italy briefly banned ChatGPT over data privacy concerns regarding legislation. It lifted once improvements were made to OpenAI's policies, but eyebrows are still raised about its true impact.

When your company decides to implement any AI program, create and implement a privacy/user policy following your current policies.

Algorithms are biased

Artificial Intelligence's prime function is to learn from the humans that feed it with knowledge. With or without intention, robots are learning all aspects of human nature, including discrimination.

Several Ivy League institutions have investigated and found that AI language models like ChatGPT have become racially biased.

In one study, ChatGPT was found to be more likely to sentence African-American defendants to death.

Consider the human bias when interacting with AI Language models like ChatGPT, as its knowledge is limited to human knowledge.

Threats to your cyber security

As with all new technology, there will be threats. Cybercriminals can use AI to automate sophisticated attacks, such as phishing and malware deployment, making them more frequent issues.

These criminals can pinpoint your systems' weaknesses, leading to data breaches.

Ways to mitigate this risk include:

• Sufficient training provided to staff
• Regular software updates
• Implement access controls to sensitive information

Regulatory Uncertainty

It's up to you to keep up to date with regulation changes. AI is one of the newer industries on the block, so South African legislation is still catching up to the growth and demands of the technology.

AI has the potential to transform the world as we know it, From how we do our jobs to running our nation. And with these changes will come challenges. OpenAI, creator of ChatGPT, has recently been accused of breaching EU data privacy rules.

Know the law and keep up-to-date with legislation to get ahead of your competitors.

Job Displacement Concerns

After the public release of ChatGPT, one of the biggest concerns was job displacement, many people have been panic asking:

"Will AI replace me?"

"Do you think I have a job after this?"

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Luckily, as far as it has been going, employers are looking to upskill their workers rather than replace them. AI still has its limitations and is relatively new to the public. Read more about the speculation regarding AI's impact on human employment.

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Exciting new endeavours also come with a bag of uncertainty and potential dangers. Follow Accensis for more AI tips and read about how we are changing the world of audit, accounting and tax in the digital age.

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