Nearly half of CEOs are concerned about accuracy and bias when it comes to AI, according to a new survey by the IBM Institute for Business Value on AI governance.

The survey also found that 21% of executives said their organization’s maturity around AI governance is systemic or innovative, a new survey by the IBM Institute for Business Value on AI governance has found – highlighting significant room for improvement.

The Institute, in partnership with Oxford Economics, surveyed 5,000 executives from 24 countries across North America, Latin America, Europe, Middle East, Africa and Asia. 

Governance refers to the principles, policies and responsible development practices that align AI tools and systems with ethical and human values. According to the survey, nearly half of CEOs said they are concerned about accuracy and bias when it comes to AI. 

To address these concerns, 60% of C-suite respondents have placed clearly defined generative AI champions throughout their organization. Meanwhile, 78% of executives said they maintain robust documentation, indicating they are concerned about explainability. 

A further 74% conduct ethical impact assessments, while 70% carry out user testing for risk assessment and mitigation. 

A large majority (80%) of C-suite executives said they have a separate risk function dedicated to using AI or generative AI. 

Related:MIT Experts Call for Expanded AI Governance and Regulation

Phaedra Boinodiris, IBM Consulting global leader for trustworthy AI, said building a robust governance framework that promotes accountability, transparency and explainability is top of mind for organizations.

“With over 25 years of experience in technology ethics, I have seen that even the best AI governance frameworks can struggle to take root without a strong cultural foundation,” she said. 

When building a foundation for responsible AI governance, Boinodiris recommends a set of actions business leaders should consider.

They include increasing the AI literacy of the entire workforce so that employees develop the technical skills to use AI effectively, but also develop critical thinking skills. 

She recommends aligning measurement systems with their core values, including those of their constituents and having diverse, multidisciplinary teams in the development and procurement of AI models and in the governance systems around these models.

IBM’s research also indicates that more technologically mature organizations tend to prioritize AI governance over those who are less mature in this respect. 

For instance, 68% of CEOs in an IBM survey said that governance must be integrated upfront in the design phase, rather than retrofitted after deployment. Whereas less sophisticated players and newer entrants to AI struggle with the complex choices governance can raise. 

The solution is often flexible AI governance frameworks which can help adapt to changing markets, mitigate risks and encourage greater adoption to realize potential, IBM noted in the report. 

IBM’s latest Research Brief is part of an ongoing series of reports from IBM IBV about generative AI and the opportunities and challenges it presents to organizations worldwide.

One of the institute’s other recent reports found that 77% of business leaders say they are convinced that generative AI is not only market ready, but that quick adoption is necessary to maintain competitiveness.