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Leaders Need to Take Responsibility for, and Action on, Responsible AI Practices – PwC
The estimated $15.7trn economic potential of artificial intelligence (AI)[1] will only be realised if the integration of responsible AI practices occurs across organisations, and is considered before any developments take place, according to a new paper by PwC.
Combating a piecemeal approach to AI’s development and integration – which is exposing organisations to potential risks – requires organisations to embed end-to-end understanding, development and integration of responsible AI practices, according to a new toolkit published this week by PwC.
PwC has identified five dimensions organisations need to focus on and tailor for their specific strategy, design, development, and deployment of AI: Governance, Ethics and Regulation, Interpretability & Explainability, Robustness & Security, and Bias and Fairness.
The dimensions focus on embedding strategic planning and governance in AI’s development, combating growing public concern about fairness, trust and accountability.
Earlier this year, 85% of CEOs said AI would significantly change the way they do business in the next five years, and 84% admitted that AI-based decisions need to be explainable in order to be trusted[2].
Speaking this week at the World Economic Forum in Dalian, Anand Rao, Global AI Leader, PwC US, says:
“The issue of ethics and responsibility in AI are clearly of concern to the majority of business leaders. The C-suite needs to actively drive and engage in the end-to-end integration of a responsible and ethically led strategy for the development of AI in order to balance the economic potential gains with the once-in-a-generation transformation it can make on business and society. One without the other represents fundamental reputational, operational and financial risks.”
As part of PwC’s Responsible AI Toolkit, a diagnostic survey enables organisations to assess their understanding and application of responsible and ethical AI practices. In May and June 2019, around 250 respondents involved in the development and deployment of AI completed the assessment.
The results demonstrate immaturity and inconsistency in the understanding and application of responsible and ethical AI practices:
- Only 25% of respondents said they would prioritise a consideration of the ethical implications of an AI solution before implementing it.
- One in five (20%) have clearly defined processes for identifying risks associated with AI. Over 60% rely on developers, informal processes, or have no documented procedures.
- Ethical AI frameworks or considerations existed, but enforcement was not consistent.
- 56% said they would find it difficult to articulate the cause if their organisation’s AI did something wrong.
- Over half of respondents have not formalised their approach to assessing AI for bias, citing a lack of knowledge, tools, and ad hoc evaluations.
- 39% of respondents with AI applied at scale were only “somewhat” sure they know how to stop their AI if it goes wrong.
Anand Rao, Global AI Leader, PwC US, says:
“AI brings opportunity but also inherent challenges around trust and accountability. To realise AI’s productivity prize, success requires integrated organisational and workforce strategies and planning. There is a clear need for those in the C-suite to review the current and future AI practices within their organisation, asking questions to not just tackle potential risks, but also to identify whether adequate strategy, controls and processes are in place.
“AI decisions are not unlike those made by humans. In each case, you need to be able to explain your choices, and understand the associated costs and impacts. That’s not just about technology solutions for bias detection, correction, explanation and building safe and secure systems. It necessitates a new level of holistic leadership that considers the ethical and responsible dimensions of technology’s impact on business, starting on day one.”
Also at the launch this week at the World Economic Forum in Dalian, Wilson Chow, Global Technology, Media and Telecommunications Leader, PwC China, added:
“The foundation for responsible AI is end-to-end enterprise governance. The ability of organisations to answer questions on accountability, alignment and controls will be a defining factor to achieve China’s ambitious AI growth strategy.”
PwC’s Responsible AI Toolkit consists of a flexible and scalable suite of global capabilities, and is designed to enable and support the assessment and development of AI across an organisation, tailored to its unique business requirements and level of AI maturity.
SOURCE PwC
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Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html
DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-crypto-titans-november-arena-boasts-55-000-usdt-in-rewards-302307028.html
Fintech PR
Healthcare leaders gather at House of Commons to discuss productivity-boosting tech with MyStaff app
LONDON, Nov. 15, 2024 /PRNewswire/ — Healthcare leaders from 16 NHS trusts gathered at the House of Commons this week to see how Mid and South Essex NHS Foundation Trust is using a groundbreaking new app that transforms staff access to information vital to their patients’ care.
The MyStaff app uses AI and automation to simplify the management of critical policies and procedures, reducing the time staff spend searching for information from almost 10 minutes to under 30 seconds. Over 12,000 of the Trust’s staff have signed up, and around 1,000 are using the app daily.
With £2bn pledged to help digitise the NHS and bring down waiting lists, such time-saving tech is high on healthcare’s agenda. Trust Chief Executive Matthew Hopkins introduced the session, which was hosted by David Burton-Sampson, MP for Southend West and Leigh, and saw technology strategists and users share their experiences of digitising vital healthcare operations.
Matthew said: “Our Trust is working to make the best use of digital technologies wherever this can help staff to provide the best possible care to our patients. MyStaff app is a versatile and easy-to-use tool that improves our governance processes and makes it easy for staff to access the vital clinical information they need when treating patients.”
The Trust developed MyStaff app with digital innovators Diligram, who have created a digital governance solution that helps ensure staff use the latest policies and guidance when delivering patient care. Document compliance rates have grown from 60% to 98%, whilst projections indicate the app could release 55,000 hours’ worth of staff capacity over 3 years, worth almost £4m in staff costs and giving staff more time on patient-facing care.
Diligram CEO Leslie Golding said: “We have worked closely with the Trust on developing groundbreaking technology that supports our healthcare heroes by simplifying access to essential information. We’re proud to be part of this brilliant example of positive digital change.”
Editor’s notes
- Contact: Rob Benson, 07815098560, [email protected]
- Further images, interviews, site visits available
About MyStaff app
The MyStaff app from digital transformation company Diligram is time-saving tech that offers a mobile-first digital corporate governance solution for healthcare providers.
Web: mystaffapp.io
About Mid and South Essex NHS Foundation Trust
MSE is one of the largest Trusts in the country, serving around 1.2million people. Our values are about delivering excellent, compassionate and respectful care.
Web: mse.nhs.uk
Photo – https://mma.prnewswire.com/media/2558941/MSE_CEO_Matthew_Hopkins_MyStaff_app.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/healthcare-leaders-gather-at-house-of-commons-to-discuss-productivity-boosting-tech-with-mystaff-app-302307051.html
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