Recent years have seen an exponential increase in the adoption of AI across business, government, and society, with the technology now becoming a competitive necessity to streamline operations, future-proof business processes, and accelerate innovation. In this transformational epoch, it is essential that the benefits of AI are harnessed, while its risks and harms are mitigated.

Indeed, we have seen a plethora of AI incidents and harms already, with bias in recruitment, insurance, and credit scoring, and companies even going bust due to their algorithms. There is also a slew of legal action against companies that have failed to use AI with the appropriate safeguards, or in a way that is compliant with existing laws.