5 Ways To Make The Generative AI Transition Successful And More
Now You KnOW features quick insightful takes on the issues of the day that matter most to you.
Weekend must read
Just as the internet created new management opportunities and challenges, so too has Generative AI. To get the most out of this technology, companies must select the right leaders for the moment, embrace new levels of complexity to transform their organizations, rethink governance, improve training, and achieve quick wins to encourage broad buy-in. For companies in the generative AI race, 2023 was mostly a year of testing, learning, and piloting. The big question in 2024 is how to begin creating measurable value. Here are five strategies that leaders must keep in mind as they embark on their generative AI journey.
Did you know?
Estimates suggest that cities are responsible for 75% of global CO2e
More than 700 cities globally have committed to meet The Paris Agreement goals of halving their carbon emissions and limiting global warming to 1.5-degrees Celsius by 2030. The task isn’t easy, and time is running out, but cities can make significant progress by focusing greater attention on transport emissions, which account for about a third of their carbon footprint. We delve into How urban mobility can help cities limit climate change .
Industry briefing
Navigating ESG compliance: A new set of regulations under the European Union’s Corporate Sustainability Reporting Directive (CSRD) compels companies in all industries, including across the financial sector, to quantify and disclose their greenhouse gas emissions as well as plans to reduce them. As a result, banks need to incorporate ESG into their compliance and control frameworks . And for the first time, they must integrate climate-related and environmental risks into the strategy, governance and oversight, and risk management, with non-compliance posing significant financial and reputational risks.
Strengthening surveillance programs: Regulatory focus on trading venues management and data management is not new. Many firms have already invested extensively in trading venue inventories and data governance and controls. However, recent regulatory scrutiny should serve as a wake-up call for firms to urgently re-examine and, where necessary, enhance their programs given challenges surrounding rapid proliferation of alternative trading venues and the shift to electronic trading outside of equities.
Corporate scoop
Impacts of the EU AI Act: A new document imposes detailed obligations for all entities developing or deploying AI that affects persons in the EU, with major fines for noncompliance. To meet the requirements in time, companies must quickly establish organization-wide AI governance and capabilities. Putting in the work now to understand different AI categories, regulatory timelines, and intricacies of the AI Act will prepare organizations to innovate with purpose in an AI-driven world.
Empowering gender equity: Founded in 2010, UK-based charity, the WOW Foundation’s aim is to establish a global movement promoting safety, acceptance, and support for women, girls, and non-binary people based on the belief that a gender equal world is desirable, possible, and urgently needed. WOW has since expanded across 45 countries and six continents, impacting more than five million women and girls annually through festivals, events, and campaigns. Here’s how Oliver Wyman supported WOW’s expansion by assisting in its development of a global operational framework.
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Oliver Wyman in the news
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Jonathan Lee , partner in our Digital Practice
Benedikt Schmaus , partner for 8works, our specialist people-led change capability
Ann-Katrin Balzereit , Principal, in our Transportation and Services Practice