Experts shared insightful discussions at the event “Directors Talk #17: Who is a Board Member in the AI Era?” held on August 13, 2024, in Ho Chi Minh City, Vietnam.
The event was organized by the Institute of Directors Vietnam (VIOD) as part of their 2024 Individual Membership Program (IMP) with the aim to enhance the quality of corporate governance in Vietnam through embracing new technologies, especially Artificial Intelligence (AI).
Directors Talk #17 successfully gathered nearly 100 board members and surprised attendees with an AI MC, a subtle and pioneering combination of technology and tradition.
The AI MC not only smoothly guided the program but also created a deep connection with the audience, vividly illustrating AI’s potential in all aspects of business, including traditional roles such as event hosting.
Photo: Ms. Ha Thu Thanh, Chairman of VIOD, delivering the opening remarks.
Kicking off the event, Ms. Ha Thu Thanh, Chairman of VIOD, emphasized the crucial role of boards in guiding and ensuring the sustainable development of companies. With AI support, boards can significantly enhance their monitoring and management capabilities, ensuring that all company activities remain within safe boundaries and achieve high efficiency.
Prof. Dr. Michael Hilb added that technology has become a consumer good, not only for businesses but also for individuals. However, he cautioned about the pitfalls of thinking about AI, from hype to excessive optimism. While AI can assist in making intelligent decisions, human intelligence and experience remain core to strategic decision-making. AI is not a magic wand to replace humans but a powerful tool to be used intelligently and responsibly.
“The big issue here is how to connect human intelligence with machine intelligence to form a synthetic intelligence? It’s important that we need to adapt and choose the right path because it’s a long journey that takes time. We may use it incorrectly or inaccurately, but we need to think about what the right method is to be more careful in using it,” said Prof. Dr. Michael Hilb.
From a professional perspective, Mr. Phung Viet Thang, Director of Intel Vietnam, suggested that the collaboration between humans and AI should be understood as leveraging both resources for more accurate governance and decision-making. AI enables more strategic data handling and larger storage capacities while freeing humans from repetitive daily tasks.
Moreover, AI makes fewer mistakes than humans in risk management due to its higher compliance nature. Intel’s representative affirmed that when businesses learn to harness the power of AI, they can not only survive but also thrive in a volatile world. AI supports not only governance but also plays a crucial role in risk management and regulatory compliance, ensuring smooth and accurate processes.
Testifying to this, Mr. Phan Vu Hoang, Deputy General Director of Deloitte Vietnam, shared his personal experience of using AI as a virtual assistant to enhance operational efficiency, emphasizing that AI can become an indispensable part of supporting board decisions.
However, the experts agreed that excessive expectations of AI without a full understanding of its limitations could lead to governance mistakes.
In conclusion, Directors Talk #17 concluded with creative ideas and a comprehensive view of the future of corporate governance in the digital age. The event affirmed that AI, as a powerful tool, still needs human guidance to fully unleash its potential.
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