European Growth Audit Network, August 2023
To manage risk without impeding innovation or growth, companies need strong technology governance. But this requires directors, whether or not they are in technology businesses, to keep up to date on emerging technologies. Artificial intelligence (AI) is the most recent technology to disrupt economies, companies, and the work environment. Its capabilities and applications are advancing at a rate that even its developers find surprising, and investment in AI is keeping pace. Directors are keen to learn more about the business opportunities that AI creates as well as the risks it introduces.
On July 11, 2023, members of the European Growth Audit Network (EGAN) met with Dr. Harvey Lewis, partner in Client Technology and Innovation at EY, to discuss recent advancements in technology and practical steps for fast-growth companies to build strong technology governance.
This ViewPoints synthesizes discussions around four themes that emerged during the meeting and premeeting conversations:
Generative AI has emerged faster than anticipated.
Current and future opportunities will significantly change the business landscape.
Boards need to familiarize themselves with technology risks.
Companies should build strong technology governance frameworks to manage risks and foster growth.