Business leaders can play a role in “minimising” the risk of ethical failures stemming from the use of artificial intelligence (AI), according to the Institute for Business Ethics (IBE).

The IBE made the comments as it released a new framework of principles and values for the use of AI. The institute said governments, regulators and the public were demanding more accountability for the way AI is deployed by companies.

The IBE’s new briefing paper says: “Business decision-makers, employees, customers and the public need to be able to understand and talk about the implications of business and AI to be at the forefront in the use of it. It is essential that companies know the impact and side effects that new technologies might have on their business and stakeholders.

“The topic of AI and its applications and ethical implications for business is broad and requires a complex multi-stakeholder approach to be tackled. However, there are some measures that organisations can adopt to minimise the risk of ethical lapses due to an improper use of AI technologies.”

The paper adds: “People tend to trust those individuals or institutions that operate with openness and take account of the public interest.

Working with regulators and policy makers, businesses have the opportunity to make a significant contribution to agree on a framework of ethics and norms in which AI can thrive and innovative safely.”

Philippa Foster Back, IBE’s director, said: “The topic of AI—its applications and ethical implications for business—is broad and requires a complex multi-stakeholder approach to be tackled.

“The IBE ARTIFICIAL Interactive Framework will provide an ethical foundation for these discussions going forward. The IBE suggests all organisations should consider their commitment to these values in the development of AI technologies, and in considering their future impact.”