FLAIG Project summary
Project duration: 2024-2026
Funding body: Business Finland Co-Research Funding
Partners: Aalto University, Tietoevry, OP, OP Financial Group and Veritas Life Insurance
Principal Investigator: Prof. Matti Mäntymäki
Forward-looking AI Governance (FLAIG)
Artificial Intelligence (AI) is increasingly used in various decision-making processes in sectors such as healthcare, traffic, and finance. The rapid development of Generative AI has further expanded AI’s application areas to idea generation and content creation. At the same time, the rapid development and global proliferation of AI have raised concerns about its systemic risks, including algorithmic biases, discrimination, and safety. Reflecting the importance of addressing these risks, proposals for AI ethical principles and guidelines have been put forward by, for example, the EU, OECD, as well as companies and public sector organizations.
While there is a general consensus that AI systems in organizations should operate in alignment with human and societal values (Dignum, 2020; Fjeld et al., 2020; High-Level Expert Group on Artificial Intelligence, 2019), guidelines and ethical principles remain abstract and fail to translate into concrete governance practices within organizations that deploy AI systems.
This creates a strong need for actionable AI governance frameworks and tools to help organizations ensure they use AI in a socially responsible manner. The introduction of AI-specific regulations further amplifies the need for organizations to build AI governance capabilities.
Against this backdrop, the Forward-Looking AI Governance (FLAIG) project explores AI governance with a specific focus on generative AI and governance needs of the banking and insurance sectors. The project creates new knowledge of the governance of generative AI and research-based tools and frameworks to support organizations in building their AI governance capabilities.