In last few months, generative Artificial Intelligence (AI) has become a global sensation. Predictions of its potential impact on society, employment, politics, culture, and business fill the media and the internet. Business leaders are intrigued by the possibilities and are convinced that generative AI is truly a game-changer.

Across industries and functions, generative AI is ranked as top emerging technology. Marketing & sales, Finance & Accounting, Corporate Governance and M&A strategy are priority functions where organisations are envisaged to invest the most on generative AI. Also, increasing prioritization of Risk Management is seen as a critical aspect for AI adoption. Cyber Security and Data Privacy are the top risks that business leaders are concerned with. But, as with many emerging technologies, the path from buzz to business value while managing risk is not simple or straightforward.

To steer industries toward responsible action around AI broadly, governments around the world have proposed regulations such as EU AI Act and the US AI Bill of Rights that require businesses to consider consequences of adopting AI technology alongside opportunities. India is also paving its way towards AI regulation through proposed Digital India Act which is aimed to replace IT Act 2000.

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