Building Trust in AI: How Ethical Practices Can Lead the Way for Businesses

By Adam Stone, AI Governance Lead

Trust is the currency of the digital age, and nowhere is this more evident than in the realm of artificial intelligence (AI). The 2024 Edelman Trust Barometer, a highly respected benchmark for understanding public sentiment, offers valuable insights into how trust is shaped and where it falters. This year’s report provides a clear validation of what many have suspected: while businesses lead in public trust regarding AI, maintaining that trust hinges on how well organizations navigate the ethical challenges ahead.

Lead with transparency

Transparency in AI development is crucial. Companies that openly share how their AI systems work, and the measures in place to prevent biases, stand to gain the public’s trust. Clear communication about AI’s inner workings and ethical safeguards reassures stakeholders and fosters a sense of accountability. This approach not only builds trust but also establishes the business community as responsible innovators in the AI space.

Follow with fairness and accountability

Fairness and accountability in AI decision-making directly impact public trust. The Barometer highlights growing concerns around this issue, showing that people are paying closer attention to how AI is used. Companies that make these ethical principles a priority in their AI governance strategies set themselves apart in a crowded market. By ensuring AI systems operate without bias and align with societal values, businesses build the trust necessary for long-term success.

Regulation is coming

The push for ethical AI aligns with increasing calls for regulation and oversight. Companies that adopt ethical practices early can position themselves ahead of potential regulatory shifts, demonstrating a proactive commitment to responsible AI use. This can serve as a significant market differentiator, appealing to consumers and partners who prioritize ethical considerations. Ultimately, the trust that businesses cultivate in AI today will shape this technology’s role in society tomorrow.

By embedding transparency, fairness, and accountability into AI governance, organizations not only address public concerns but also contribute to a broader culture of responsibility in the digital age. The companies that lead with ethical principles will help define the standards that guide this powerful technology, ensuring that its benefits are shared by all.