Organisations implementing advanced responsible artificial intelligence (AI) governance are seeing significant business benefits, according to the latest findings from EY’s Responsible AI Pulse survey. The survey, which gathered insights from 975 C-suite leaders across 21 countries, including 30 from Singapore, highlights that companies with real-time monitoring and oversight committees report measurable gains in revenue and cost savings.
In Singapore, 90% of respondents noted improvements in efficiency and productivity, whilst 83% reported enhanced innovation. However, fewer organisations saw gains in revenue growth (37%) and cost savings (47%). Globally, firms with robust AI governance are 34% more likely to experience revenue growth and 65% more likely to achieve cost savings.
Manik Bhandari, EY Asean Data and Artificial Intelligence Leader, emphasised the importance of responsible AI, stating, “With transparent, well-governed AI systems, organisations can scale AI safely in more products, markets and customer segments.”
Despite these benefits, the survey also revealed that all Singapore organisations experienced financial losses due to AI-related risks, with 63% reporting losses exceeding $1m. Common risks include biased outputs, misinformation, and legal liabilities. The rise of “citizen developers”—employees independently deploying AI agents—further complicates governance, with 70% of Singapore organisations allowing such activities.
The survey underscores the need for comprehensive policies to manage AI agents responsibly. Whilst 71% of organisations have formal frameworks in place, only 7% of Singapore’s C-suite respondents could correctly identify appropriate controls for AI-related risks. Bhandari noted, “Embedding transparency, fairness and privacy from the start is essential.”
