As laid out in a separate session, the implementation of AI and its rapidly advancing capabilities presents myriad risks for organizations. So how can boards set up governance, accountability, and compliance frameworks that best allow them to oversee, monitor, and mitigate those risks, while also harnessing the competitive advantage that AI offers in terms of increased capabilities, productivity, and efficiency? This session will explore the board’s role in overseeing the potential strategic opportunities and risks of AI. Panelists will offer practical advice to board members who are considering ways to integrate AI into their products or operations in a safe, responsible, and trustworthy manner. They will explore the evolving landscape of AI governance, different AI governance frameworks, a well as risk mitigation strategies. Finally, panelists will share best practices for navigating the evolving regulatory landscape in the U.S. and abroad.
Once elected to a board based on their own accomplishments, expertise, experience, and leadership, directors must learn to work together as peers and as part of a team that operates largely by consensus. Like any small group, boards may confront issues such as groupthink, diffusion of responsibility, and pressure to maintain relationships. And directors must figure out how to navigate the balancing act of “noses in, fingers out” by staying engaged and informed without overstepping into management’s role. The best performing boards are able to overcome these dynamics and build cultures of trust, transparency, and collaboration that foster open debate and an ability to ask tough questions of management. Much of the work to cultivate a healthy board culture is done at the organizational level, but there are individual competencies and practices that directors can build and implement to improve the dynamics and performance of the board. What can directors do to build influence in the boardroom and develop a foundation of trust with fellow directors and with management? How do board members ask questions–in the right way, at the right time, and in the right tone–to draw out information, stimulate debate, and challenge assumptions without creating defensive responses? What are the most effective ways to mentor and empower new directors to accelerate their ability to add value in the boardroom? This session will provide practical advice on how individual directors can help to create a learning environment with inclusive practices that make the board work more effectively as a team to anticipate and mitigate risks and capture the valuable expertise and perspectives of all members.
Every board has to be ready to deal with an existential crisis, but many boards have revealed themselves to be unprepared when faced with the challenge. This session will review best practices for identifying crisis-level risk exposures and for implementing effective, practical responses. The panel will focus in particular on patterns common to board-level crisis situations, communications and the delegation of responsibility, the potential value of tabletop exercises as a means of preparation, and the need to balance legal concerns with the required responses to public, consumer, and regulatory demands for information.
