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Executives recognize that the biggest risk of operating without ethical technoarms can be widespread negative consequences, especially on their people, according to a survey by Deloitte, the global consulting and finance company.
Deloitte today publishes its Ethics & Trust in Technology Survey, and this year’s survey reveals unique insights into how ethics are top of mind for business executives, and how organizations struggle with alignment on who should be responsible for developing standards.
The impact of employees is higher than other organizational risks such as reputational damage, financial loss or fines as a concern for managers.
The report said that while tech ethics is top of mind for most business executives, some organizations struggle with issues such as financial resource constraints and alignment over who should be responsible for developing standards.
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Executives appear to be aware of the risks of operating without standards for developing and using emerging tech, Deloitte said. And the number 1 concern of respondents is the potential impact on their people, ahead of other organizational risks such as reputation and financial losses. The report will be available on May 18 at 5 a.m. Pacific time at this link.
Survey results
Surveyed leaders prioritize technical ethics within their organizations and see a role for other departments to play in decision-making. About 75% of C-Level executives surveyed say that technical ethics is extremely important to their organization.
Within responding organizations, executive leadership is most responsible for ethical technology considerations (79%), closely followed by IT teams (78%). About 40% of respondents believe that ethical technological considerations should also be the responsibility of operations, sourcing and purchasing; sales, marketing and customer service (36%), and product development, design and testing (33%).
Executives support ethical standards, built on collaboration, for emerging technology, and 69% of executives believe the federal government should work with businesses to define ethical standards for technology.
Responding executives are almost evenly split on the biggest challenge companies face in developing and maintaining ethical technology standards—from financial resources to speed to market. And 71% of respondents cited AI/ML as a priority for establishing ethical standards or regulations, followed by 5G (66%), AR/VR (62%) and quantum technologies (61%).
Executives reported recognizing the greatest organizational risk of operating without ethical technical standards: negative impacts on their people. Respondents acknowledge that a lack of ethical standards for technology can have a widespread negative impact – especially on their people – in the form of job turnover (60%) and worker distress (58%).
Almost all executives surveyed believe that technical ethics is very important to their organization.
Method
Deloitte’s Ethics & Trust in Technology: Survey of Executive Intentions and Attitudes assessed perspectives of 200 business executives on responsible decision-making related to the design, operation and governance of the development and use of emerging technology.
It was also designed to uncover opportunities and challenges in developing ethical standards for emerging tech. As a result, insights from the survey can help inform a broader understanding of how organizations embed ethics of technology trust into policies and practices.
The survey was conducted online by an independent research company from March 16 to March 20, 2023. Respondents were either final decision makers or influenced decisions about the development and use of technology within their organizations.
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