The Fifth Elephant 2024 Annual Conference (12th &13th July)

Abstract:

As AI continues to revolutionize various sectors, it brings both unprecedented opportunities and significant risks. In India, sectors such as Agritech, Fintech, Edtech, public services, and Healthtech are rapidly adopting AI technologies. However, the lack of robust risk mitigation strategies can lead to unintended consequences, including data breaches, algorithmic biases, and systemic vulnerabilities.

Over the past year, we have spoken to practitioners and researchers and collated research on the unique risks in each sector and spicific mitigation strategies. This talk outlines these risks and mitigation strategies as well as best practices for regulatory compliance.

Outline:

The session will be in an open discussion with 4-5 panelists. The structure will broadly cover the following:

• Introduction: Overview of AI adoption in Agritech, Fintech, Edtech, public services, and Healthtech in India.
• Risks in AI Deployment: Identification of key risks associated with AI in each sector.
• Mitigation Strategies: Presentation of effective risk mitigation strategies specific to each sector, with an emphasis on practical implementation.
• Policy and Compliance: Discussion on the role of policymakers and compliance teams in implementing these strategies.
• Best Practices: Sharing best practices and guidelines for developers, researchers, and startup founders to mitigate AI risks.

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## AI Risks

- Privacy
- Bias
- Hallucinations
- Unclear processes for oversight and audit
- Data quality
- Lack of explainability
- Data governance
- Lack of standardization
- Lack of regulations and accountability

## Societal implications

- Increase in inequality
- Increase in surveillance
- Over-dependence on AI
- Lack of grievance redressal mechanisms
- Mis- and disinformation
- Reinforcing stereotypes and prejudice
- Increase in the digital divide
- Increased profiling

## Mitigation Strategies
- Adopting a shift-left privacy posture
- Multi-stakeholder participation in policy consultations
- Documentation of processes, checks, and testing
- Use case specificity
- Regular vulnerability checks and auditing
- Human-in-the-loop systems
- Ensure regulatory compliance
- Testing for and mitigating common risks during development stage
- Ensure consensual data collection and data minimisation

Key participants:

Developers, researchers, policymakers and analysts, startup founders, risk and compliance teams.

Impact:

• Gain a comprehensive understanding of the risks associated with AI deployment in critical sectors in India.
• Learn actionable risk mitigation strategies that can be implemented in real-world scenarios.
• Obtain insights into the policy landscape and how to navigate compliance requirements effectively.
• Equip participants with knowledge to proactively address potential risks, ensuring sustainable and ethical AI practices.