Norway's Oil Fund Is Sending a Message To Companies on AI

An anonymous reader shares a report: Artificial intelligence, according to Nicolai Tangen, head of Norway's huge $1.4tn oil fund, is like being "in a rocket on the way into space ... It's hugely exciting, but it's also scary." Stretching the metaphor to its limits, the head of the world's largest sovereign wealth fund adds: "We hope we're in Apollo 11, not Challenger. The mission statement is to return safely." All this might just seem to be a glib soundbite, but the Norwegian fund is among the most advanced of any of the world's big traditional investors in publicly articulating its thoughts on AI. This is not just on the balance between risk and opportunity from AI but also what it thinks the companies it invests in should be doing. As the importance of AI only grows, the oil fund's stance is going to be well worth following. [...] The first is ensuring boards are accountable for the responsible development and use of AI. Here, Tangen is damning. "Boards are absolutely not on top of this," he says. Given how many companies have long struggled to get enough expertise on cyber security, AI is likely to be an even tougher ask. The oil fund could vote against those that do nothing, Tangen adds. The second relates to how transparent companies are on how they use AI and how they explain how those systems have been designed and tested. As well as the tech industry itself, the fund is paying particular attention to those sectors using AI with consumers such as healthcare, financial and consumer goods. The final element is risk management. The fund argues that companies should be proactive, and ensure outside verification and auditing of their AI systems and risk management processes.

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