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With the shift in focus towards business challenges, however, organisations should not overlook the technical risks associated with scaling up AI solutions. The financial services and telecom, media and technology (TMT) sectors are particularly concerned about ethical risks, whereas the travel and hospitality sector considers compliance risks to be the most important ones to manage.
While different sectors have different priorities based on their perception of risks from AI solutions, a wider recognition of the need to understand and mitigate these risks appears to be lacking among organisations. A methodical approach is required to identify and remediate these risks. Toolkits like PwC’s Responsible AI can provide organisations the tools to address these risks in a structured manner.