Experts have said that the rapid adoption of Artificial Intelligence, which is transforming operational models and governance structures, has prompted the need for multi-stakeholder engagement to define principles and minimum standards for AI governance across corporate and public institutions.
The stakeholders will include government, regulators, the private sector, civil society, and academia.
The governance experts believe that introduction of principles and standards for AI adoption would assist to mitigate the risks associated with the new technology while enhancing its benefits
The experts spoke at 49th Annual Conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) recently on “Reimagining Governance: Navigating the Artificial Intelligence Revolution for Excellence”.
Leading the discussion, Femi Oyenuga, Group Executive Director, Chams Holding Company said mitigating the risks associated with AI requires institutional design choices, laws, standards, and professional norms that are proportional and adaptable.
He advised large corporates and regulated entities to conduct AI Impact Assessments (AIIAs ) prior to deployment, and make high-level summaries available to relevant regulators and stakeholders.
Oyenuga also advised boards to adopt explicit responsibilities for AI oversight, including appointment of a responsible executive and periodic independent algorithmic audits.
He encouraged for the establishment of ICSAN Centre for Digital Governance which should be a specialist unit to provide training, advisory services, and a repository of tools (impact assessment templates, algorithmic registers, procurement checklists).
According to him, AI revolution compels a recalibration of roles, rules, and capacities for governance professionals whose mandate is to safeguard integrity, transparency, and fiduciary responsibility. He said this recalibration is pressing for Nigeria.
Senator Udo Udoma, who was chairman of the occasion agreed that there are benefits of AI but said professionals should also consider ways of minimizing the risks associated with the technology.
Udoma listed some of the benefits to include; enhanced productivity, the ability to automate routine tasks,real-time decision-making; the ability of decision-makers such as governments, investors, boards, to instantly process, analyze, and receive a vast amount of data, thereby leading to faster and more accurate decision-making.
The risks of AI, he said include technology over-dependence without adequate human oversight, cyber security and data risks, ethical issues and inaccurate decisions that are based on data errors or algorithmic flaws.
Speaking earlier, Uto Ukpanah, President of ICSAN said Nigeria cannot afford to stand aloof from AI revolution.
“As professionals in governance and administration, we have a responsibility to lead the conversation on how AI can be harnessed ethically, responsibly, and effectively to improve our institutions”.
She said ICSAN seeks to ensure that professionals and policymakers do not merely react to AI but proactively shape its application in ways that benefit society.
