Audit Committee Networks, January 2024
In November 2022, San Francisco-based OpenAI released its ChatGPT model, and the technology and company have been at the forefront of world news ever since. One year later, Tapestry Networks convened four in-person and two virtual meetings of US audit chairs to examine how generative artificial intelligence (GenAI) has evolved since then and to discuss how boards and audit committees are seizing the opportunities and managing the risks associated with AI.
This ViewPoints synthesizes four topics that emerged during the meetings:
- GenAI represents a highly significant technology development
- GenAI's speed of evolution creates a significant challenge for boards
- Companies are seizing opportunities, but in a limited way
- Boards and regulators are beginning to grasp the risks created by GenAl