Financial services firm Standard Bank and the Stellenbosch University School for Data Science and Computational Thinking have formed a partnership to explore and develop a framework for responsible AI use in business.

“While AI presents significant opportunities to enhance efficiency, innovation and client experiences, it also introduces a degree of uncertainty due to its complexity,” says Standard Bank Corporate and Investment Banking digital insights head John Mukomberanwa.

The partnership combines the bank's financial and industry expertise with the university's strength in data science, computational thinking and ethics to find practical approaches to responsible AI adoption in the business landscape, he says.

As part of the collaboration, the institutions developed an ethical AI framework to guide responsible innovation.

The 'SBSA Responsible AI Approach' framework establishes the parameters for the responsible development, deployment and use of AI while looking into methods that assist in accelerating its impact in the business environment, the organisations say.

The framework establishes a clear foundation for designing, developing and deploying AI systems that are safe, robust and secure, with appropriate human oversight and accountability throughout their lifecycle.

Stellenbosch University School for Data Science and Computational Thinking director Professor Kanshukan Rajaratnam emphasises that the framework must be maintained and adapted.

“To create a framework that can be applied to any business and for wider societal impact, it is important that the document be maintained as an evolving and adaptable framework, as AI is dynamic and continuously changing contributing to its increasing complexity.”

The implementation of AI in businesses has come under scrutiny from an ethical and human rights perspective owing to concerns about bias and discrimination, transparency, accountability, privacy and the overall impact of AI-driven decisions on individuals and society, the partner organisations say.

These concerns have heightened uncertainty, particularly in industries such as financial services, where decisions and outcomes can directly impact people's livelihoods, businesses and the broader economy.

This highlights the ongoing question on ethics in the age of AI and its implications in the business environment.