Sunday, July 21, 2024

1,000+ business leaders collaborate to create Enterprise GenAI Governance Framework

Software Development1,000+ business leaders collaborate to create Enterprise GenAI Governance Framework


A number of industry leaders — over 1,000 in total — have come together to create the Enterprise GenAI Governance Framework, which provides guidance that businesses can use to assess their AI readiness, identify associated risks, and responsibly adopt generative AI.

The initiative was spearheaded by integration platform Boomi, professional services firm Connor Group, and a number of professors, including David Wood from Brigham Young University, Scott Emett from Arizona State University, and Marc Eulerich from University of Duisberg-Essen.

According to the creators, the framework can be utilized by companies of any size and can be modified to suit specific objectives, needs, and risk appetites. 

“Effective AI adoption will be a massive competitive advantage, but many don’t know where to start and how to apply it,” said Jeff Pickett, chair and founder at Connor Group. “A few AI tools exist now, with many on the way, and they are coming fast. Having a smart AI adoption strategy with underlying controls, data, and processes that are ready for AI takes time. The most competitive companies are doing these things now.”

The Enterprise GenAI Governance Framework also works well alongside the GenAI Governance Framework Maturity Model (also created jointly by Wood, Emett, and Eulerich), which allows businesses to evaluate their current governance practices, find areas for improvement, and plan for those improvements to be implemented. 

“Overall, the GenAI Governance Framework and accompanying Maturity Model serve as essential resources for organizations seeking to navigate the evolving landscape of AI,” said Wood. “By adopting these tools, organizations can enhance their preparedness, resilience, and capability to harness the benefits of AI while effectively managing its risks.”


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