Asking the right questions to solve the challenges.
In part one of my blog, I might have scared some readers into never considering a career in the legal profession.
But do not be alarmed: “With every technological action, comes an equal and (hopefully not too opposite) legal reaction!”
I submit that in the legal sector it is our duty to ask the right questions to solve the challenges that innovations like artificial intelligence bring.
Examples are:
“How can governments and the private sector work together to best manage artificial intelligence?”
“What can be done to address the confusion and ambiguity that is so often associated with artificial intelligence?”
“How can policies be rewritten to accommodate artificial intelligence developments?”
“How do we prevent the misuse or abuse of artificial intelligence?”
I will turn to four critical questions that I view as vital when it comes to formulating a legal approach when it comes to implementing company policies to address innovations such as artificial intelligence:
1. “What is the current state of the company policies?”
Firstly, to consider the current state of your company policies and considering how the current regulation in your company might be outdated and whether it might be blocking innovation.
2. “Is it the right time to regulate?”
Timing truly is everything: While it is true that the legal and compliance departments are often slow to adapt existing regulations, it is also important to avoid implementing policies too early.
3. “How do we regulate the innovations like artificial intelligence?”
In the legal and compliance department, professionals are in a constant battle to achieve a balance between promoting innovation and competition, protecting the interest of clients, and addressing the challenges that innovations could cause.
In consideration of these three aspects, the company policies can be strategised accordingly.
So, if innovation is the foremost consideration, minimum or light regulation measures will be implemented. Should the innovation present an increased risk to the company or clients, then strong precautionary measures will be the order of the day.
4. “What has changed?”
Lastly, we need to consider what has changed since the policies have been implemented: Given the speed at which technology adapts, it is advisable that a review process be in place to make sure that company policies are adapted to keep pace with innovations like artificial intelligence.
“Some people call this artificial intelligence, but the reality is that this technology will enhance us. So instead of artificial intelligence, I think we’ll augment our intelligence.” -Ginny Rometti
SUMMARY: USE POLICIES TO HARNESS (NOT JUST “MANAGE”) INNOVATION
While it is very easy to get swept up with all the excitement that technological innovation brings, we should remember that with great innovations comes great responsibility and from a legal perspective, it is our first and foremost responsibility to manage the risks that such innovation brings.
The best way to do that is to formulate regulations and policies that are flexible enough to keep up with innovation.
In summary: I submit that by firstly identifying the challenges of artificial intelligence, then asking the right questions and thereafter, implementing and continually updating our company policies to be reflective of the state of development, we can effectively harness the innovation that artificial intelligence brings and its impact on our society.
Reach out to Mint to find out how we can help you harness the potential of artificial intelligence in your company.
