Head on over to our on-demand library to check out sessions from VB Transform 2023. You don’t want to miss out! Sign up right here. Now, let’s talk about these chatbots. They’re everywhere, captivating millions of people, but not without stirring up some controversy. Businesses are jumping into the game, experimenting with AI chatbots left and right, integrating AI-driven processes into their operations. But hold on a second, we need to address the concerns that come along with this technology. AI can be unpredictable, and it can have some serious negative impacts on end users. If businesses don’t step up and tackle these issues, we’re gonna have a problem. Government regulations are in the works, but let’s face it, they take forever. The technology is advancing at warp speed, leaving AI regulations in the dust. And the risks for businesses are huge. It might be tempting to figure it out as you go, but that’s a recipe for disaster. We need some self-regulation here, folks. Businesses have plenty of reasons to take the reins and guide their AI initiatives. Corporate values, organizational readiness, all that fun stuff. But the big one is risk management. Screw up with AI, and you could damage customer privacy, lose their trust, and ruin your reputation. That’s bad news bears. The good news is, there are steps businesses can take to establish trust in AI applications. It starts with choosing the right technologies and making sure your development teams are trained to handle risks. Governance is also a major player here. Business and tech leaders need to oversee the datasets and models being used, conduct risk assessments, and keep track of everything. Data teams need to keep an eye out for bias and make sure it doesn’t creep into their processes. Risk management needs to start ASAP because sooner or later, the government is gonna lay down the law. Legislation is being drafted right now to ensure fair AI treatment of consumers. But smart companies won’t wait around. No, sir. They’ll take action now and get their AI house in order. Let me give you an example. Imagine someone reaches out to a healthcare clinic’s chatbot because they’re feeling sad. Maybe they’re in a crisis and they need help. Well, if that chatbot drops the ball and gives them bad advice, the healthcare provider could be held liable. That’s a big problem, and it’s just one of the many sticky situations AI can cause. That’s why we need some rules and regulations to lower the risks and increase trust. How do we determine if AI is trustworthy? There are frameworks and guidelines popping up all over the place, trying to tackle that question. But here’s the deal, businesses can’t rely solely on government efforts. They need to establish their own risk-management rules. It’s all about governance, my friends. AI development and deployment need to go hand-in-hand with comprehensive governance. More and more organizations are realizing this and taking the necessary steps. They’re forming AI action teams, assessing their data architecture, and figuring out how to adapt their data science. It’s not easy, but it’s necessary. So, here’s my advice: don’t sit around waiting for the government to tell you what to do. Be proactive, because the technology won’t wait for anyone. This is Jacob Beswick signing off.