The breadth of influence and importance of General Counsels (GCs) in advising Boards of Directors on incorporating Artificial Intelligence (AI) into their companies’ strategies has been highlighted in a recent podcast from The Consumer Finance, featuring Troutman Pepper Partner, Chris Willis, and Counsel Shannon Patterson. The conversation emphasizes the crucial role of GCs in fostering the informed use of AI in business operations.
With specialization in advising companies, particularly publicly traded ones, on board and management governance issues, Shannon Patterson’s participation in this episode provides a nuanced understanding of GCs’ responsibilities in ensuring Boards make informed choices concerning AI, which is fast becoming a key component in various sectors globally.
The discussion sheds light on the essential role played by the company’s GC in advising and guiding the board, specifically concerning the responsible use and implementation of AI in business. Given the industry-wide drive towards digital transformation and AI adoption, understanding the scope, limitations, potential risks and rewards of AI is increasingly becoming a board-level consideration. Thus, GCs stand at a crucial intersection – navigating the ethics and legality surrounding AI, ensuring the corporation remains compliant with evolving regulations while also leveraging the technology for business growth.
As technology continues to shape and revolutionize the commercial landscape, it is the responsibility of the GC to ensure their boards are properly briefed on AI developments, in-line with their organization’s strategic goals. Their role is not only to understand the legal implications, risks, and opportunities presented by AI but to translate these into actionable, informed decisions for the board.
The GC’s position is, therefore, more critical than ever in striking a balance between chopping through the AI hype while supporting the potential opportunities this exciting digital age presents.