How Safe is AI?

How Safe is AI?

Mike Canfield, Morgan Stanley’s Head of Europe Sustainability Research, discusses why ensuring safe and responsible artificial intelligence is essential to the AI revolution.


----- Transcript -----


Mike Canfield: Welcome to Thoughts on the Market. I'm Mike Canfield, Morgan Stanley's Europe, Middle East and Africa Head of Sustainability Research.

Today I'll discuss a critical issue on a hot topic: How safe is AI?

It's Thursday 10th of October at 2pm in London.

AI is transforming the way that we live, work, and connect. It's really got the potential at every level and aspect of society, from personal decisions to global security. But as these systems become ever more integrated into our critical functions – whether that's healthcare, transportation, finance, or even defense – we do need to develop and deploy safe AI that keeps pace with the velocity of technological advances.

Market leaders, academic think tanks, NGOs, industry bodies, intergovernmental organizations have all attempted to codify what safe or responsible AI should look like. But at the most fundamental level, the guidelines and standards we've seen so far share a number of clear similarities. Typically, they focus on fostering innovation in practical terms, as well as supporting economic prosperity – but also asserting the need for AI systems to respect fundamental human rights and values and to demonstrate trustworthiness.

So where are we now in terms of regulations around the world?

The EU's AI Act leads the way with its detailed risk-based approach. It really focuses on transparency as well as risks to people and fundamental rights. In the USA, while there's no comprehensive federal regulation or legislation, there are some federal laws that offer some sector specific guidance on AI applications. Things like the National Defense Authorization Act of 2019 and the National AI Initiative Act of 2020. Alongside those, President Biden's published an executive order on AI, promoting safety, responsible innovation, and supporting Americans and their rights, including things like privacy. In Asia Pacific, meanwhile, countries are working to establish their own guidelines on consumer protection, privacy, and transparency and accountability.

In general, it’s very clear that policymakers and regulators increasingly expect AI systems developers to adopt what we'd call the socio-technical approach, focused on the interaction between people and technology. Having examined numerous existing regulations and foundational standards from around the world, we think a successful policymaking approach requires the combination of four core conceptual pillars.

We've called them STEP. That's Safety, Transparency, and Ethics and Privacy. With these core considerations, AI can take a step – pun intended – in the right direction. Within safety, the focus is on reliability of systems, avoiding harm to people and society, and preventing misuse or subversion. Transparency includes a component of explainability and accountability; so, systems allowing for future feedback and audits of outcomes. Ethically, the avoidance of bias, preventing discrimination, inclusion, and the respect for the rule of law are key components. Then finally, privacy considerations include elements like data protection, safeguards during operation, and allowing users consent in data used for training.

Of course, policymakers contend with a variety of challenges in developing AI regulations. Issues like bias, like discrimination, implementing guardrails without stifling innovation, the sheer speed at which AI is evolving, legal responsibility, and much more beyond. At its most basic, though, arguably the most critical challenge of regulating AI systems is that the logic behind outcomes is often unknown, even to the creators of AI models, because these systems are intrinsically designed to learn.

Ultimately, ensuring safety and responsibility in the use of AI is an essential step before we can really tap into ways AI could positively impact society. Some of these exciting opportunities include things like improving education outcomes, smart electric grid management, enhanced medical diagnostics, precision agriculture, and biodiversity monitoring and protection efforts. AI clearly has enormous potential to accelerate drug development, to advance material science research, to boost manufacturing efficiency, improve weather forecasting, and even deliver better natural disaster predictions.

In many ways, we need guardrails around AI to maximize its potential growth.

Thanks for listening. If you enjoy the show, please do leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Jaksot(1506)

Special Series: U.S. Housing Faces a Generational Turning Point

Special Series: U.S. Housing Faces a Generational Turning Point

On this special episode, Equity Analyst Richard Hill examines the coming seismic shift for investors as Baby Boomers pass the housing baton to Millennials and Generation Z.

1 Loka 20193min

Mike Wilson: Are Markets Rethinking Pricey Growth Stocks?

Mike Wilson: Are Markets Rethinking Pricey Growth Stocks?

On today’s episode, Chief Investment Officer Mike Wilson explains why markets may be having a change of heart on expensive—and sometimes unprofitable—growth stocks.

30 Syys 20193min

Andrew Sheets: A Tale of Two Oil Price Spikes

Andrew Sheets: A Tale of Two Oil Price Spikes

On today’s podcast, Chief Cross-Asset Strategist Andrew Sheets says oil prices tend to spike for two very different reasons and the distinction for investors is quite important.

27 Syys 20192min

Michael Zezas: How Do Markets View Major Policy Proposals?

Michael Zezas: How Do Markets View Major Policy Proposals?

On today's episode, Head of U.S. Public Policy Michael Zezas takes a look at transformative policy proposals by 2020 Presidential candidates. How could big policies like Medicare-for-All reshape markets?

25 Syys 20191min

Special Series: Is NextGen Reinventing the Banking Experience?

Special Series: Is NextGen Reinventing the Banking Experience?

On this special episode, Betsy Graseck, global head of banking research, explains how Millennials and Gen Z are reshaping the financial industry in their tech-savvy, mobile-first image.

24 Syys 20194min

Mike Wilson: Looking Toward Q3 Earnings

Mike Wilson: Looking Toward Q3 Earnings

On today’s podcast, investors are watching for progress on trade and signs of future Fed policy. But according to Chief Investment Officer Mike Wilson, it still comes down to Q3 earnings season.

23 Syys 20193min

Andrew Sheets: Are Lower Interest Rates Always Beneficial?

Andrew Sheets: Are Lower Interest Rates Always Beneficial?

On today's episode, Chief Cross-Asset Strategist Andrew Sheets says although lower interest rates help boost economic activity, the full impact is more complicated.

20 Syys 20192min

Michael Zezas: Investors Look for Progress on U.S-China Trade

Michael Zezas: Investors Look for Progress on U.S-China Trade

On today’s podcast, Head of U.S. Public Policy Michael Zezas says a potential improvement in some key U.S. economic indicators will need real progress on trade—not just headlines.

18 Syys 20192min

Suosittua kategoriassa Liike-elämä ja talous

sijotuskasti
mimmit-sijoittaa
psykopodiaa-podcast
rss-rahapodi
ostan-asuntoja-podcast
rss-lahtijat
leadcast
rss-rahamania
lakicast
rss-yritys-ja-erehdys
rss-neuvottelija-sami-miettinen
oppimisen-psykologia
hyva-paha-johtaminen
rss-karon-grilli
pomojen-suusta
rss-myynnin-myllerryksessa
rss-seuraava-potilas
kasvun-kipuja
rss-strategian-seurassa
rss-puhutaan-rahasta