Seven in 10 CEOs say businesses not doing enough to address AI consequences

An EY study showed that more than half of CEOs want to focus on ethical AI.

More than 70% of CEOs in Singapore surveyed are worried that businesses are not doing enough to manage the unintended consequences of AI, the latest EY research showed.

More than half of CEOs (53%) said the business community should focus on ethical AI.

On AI usage, 90% of CEOs in the city-state revealed that they are using AI in their capital allocation, of the percentage, 40% are investing in it whilst 50% are planning to make investments in AI in the next full-year.

When it comes to job security, 68% said they believe the impact of AI replacing humans in their businesses will be counterbalanced by new roles and career opportunities.

The research also found that all Singapore CEOs interviewed expect to actively pursue strategic transactions in the next 12 months.

Over 1,200 CEOs, including 40 from Singapore, were polled in the EY survey.