An Artificial Intelligence (AI) expert, Olajide Olugbade, has called on public and private institutions to have strong corporate governance frameworks consistent with regulatory requirements as they embrace AI within their organizations.
Olugbade, formerly a governance, risk, and compliance consultant at PricewaterhouseCoopers (PwC) Nigeria, made the call while delivering the keynote address at the 49th annual conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), which was held recently in Lagos.
Presenting on the subject “Reimagining Governance: Navigating the Artificial Intelligence Revolution for Excellence,” Olugbade highlighted that AI governance must be understood as a necessary aspect of corporate governance and not a passing phase.
“AI governance is no buzzword or fad; it is a fundamental aspect of technology governance that must be embedded within the governance systems of corporations if organisations are to manage the dislocations that AI is causing across sectors,” he said. “It has also become indispensable for addressing the ethical and societal impacts of AI systems.”
He cautioned organisations to adopt AI governance responsibly, not doing “ethics washing” – cosmetic attempts at appearances. In his view, many organisations set up ethics offices or committees that appear stern-looking but lack the real ability to impose ethical usage of AI.
“Nigerian organisations must shun this,” Olugbade warned. “AI governance must have real organisational authority the ability to guide businesses through uncertainty, be indispensable, and be central to decision-making. In that way, they will use responsible AI adoption to the fullest extent.”
Similarly, the Group Executive Director, Chams Holding Company, Femi Oyenuga referred to AI as a governance “inflection point” that must be dealt with urgently through systemic regulation in order to ensure accountability and transparency.
Also speaking to the audience, President and Chairman of ICSAN Council, Uto Ukpanah, said the Institute will continue to empower members with knowledge on AI governance, push national discussion on the subject, and call for revision of board charters to include AI-linked responsibilities.
