Responsible Artificial Intelligence (AI) Governance: Ethical Frameworks for Business Decision-Making

Abstract

The study explores the need for ethics as a fundamental component of AI systems' management in business environments. It calls for better approaches to the development of AI governance that should go beyond following the legal requirements but incorporating ethical practices that would improve AI transparency, accountability, and fairness. The study addresses core questions as to how biases can be avoided, how privacy can be protected, and how AI can be made to reflect human values. It serves specific guidance and recommendations for business managers to guide organizations on how to ethically contend with the challenges posed by AI and on how to restore public trust and unleash the power of AI.