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By Nora SKJERDAL, Business Consultant Michael NICHOLLS, Principal Financial Services Consulting at EPAM*
Artificial intelligence (AI) is no longer a futuristic concept—it’s already transforming organizations across industries. With the rise of generative AI (GenAI), companies have unprecedented opportunities to innovate, improve efficiency, and deliver new services. But with great power comes great responsibility: deploying AI without proper governance can introduce risks, undermine trust, and slow adoption.
Research shows that only 1% of companies have an effective AI governance framework in place. Many are appointing Chief AI Officers (CAIOs), with 63% of the most innovative companies already having one. In other cases, responsibility...
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