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UK business leaders point to a gap in AI policymaking

The majority of UK C executives are calling for more regulatory guidance on the safe use of artificial intelligence (AI) as transforming through cutting-edge technology is a top strategic priority as the “key issue” on their leadership agenda, a report has revealed. research .

According to the latest C-suite barometer from international accounting firm Mazar, Britons in Britain have a stronger focus on engaging policymakers than world leaders, with seven in 10 believing more government regulation is important.

Nearly 60 percent reported ethical concerns about AI, but more than two-thirds admitted that their organizations were already using it for internal processes and/or products and services.

However, these figures are lower than the global average: almost three-quarters of top global leaders have ethical concerns about AI and about the same number use AI for internal processes and/or products and services.

More specifically, nearly nine in 10 respondents believed that generative AI would have an impact on their organization, with more than half saying the impact would be “major.”

Meanwhile, optimism and confidence are at an all-time high, with 98 percent of respondents predicting growth by 2024 and six in ten saying this growth will happen organically.

International expansion has become a key business priority, with many UK companies considering the US as their top destination in the coming year.

The research also found that the percentage of organizations producing a sustainability report is 15 percent lower than the global average, with the share of UK leaders spending budget on sustainability implementation and reporting also falling since last year.

It is believed that the reduction could be due to ‘regulatory visibility’ becoming twice as high as last year, becoming the biggest challenge next to data capture and quality.

Many UK leaders also admitted there is a lack of internal skills to properly tackle sustainability, compared to leaders globally, who are more concerned about climate and carbon messaging.

Elisabeth Maxwell, Deputy CEO at Mazars, said: “It is very encouraging to see such optimism among our UK customers for the year ahead, despite the uncertain conditions facing all businesses. Companies are willing to invest again and there are exciting developments on the horizon for AI.

“The feedback that the Mazars C-suite barometer has highlighted is that more clarity is needed from regulators to enable companies to make the most of the opportunities that potentially transformational technology offers and to enable companies to maximize their success in the area of ​​sustainability.”

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