Examining the Confluence of Artificial Intelligence, Legal Frameworks and Business Ethics: Contemporary Issues and Debates

Abstract

Artificial intelligence is influencing how businesses operate and how people live and work in the 21st century. To remain competitive, businesses are forced to integrate AI in their operations or else face relegation. Since many businesses have survival as a common business objective, they are highly likely to adopt AI so that they stay afloat and remain competitive. The advent of emerging technologies on its own presents a new and dynamic business landscape which is complex; there is a need to realign the traditional ethical frameworks and ensure they are in sync with current technological trends. This study lays bare major ethical dilemmas such as algorithmic bias, data privacy, transparency and potential job loss which have sparked debate on the topic of emerging technology adoption, particularly AI and ethics. A systematic literature review is employed in reviewing literature related to AI, legal frameworks and business ethics. Recent incidences documented in literature are examined to illustrate how businesses are navigating consequences of AI adoption. The role of regulators and their influence in shaping legal frameworks is also examined. Results of this study showed that there was a significant need of dynamic ethical guidelines that were readily responsive to the unprecedented pace of technological changes and innovation. Management and those charged with governance need to take a proactive role in designing and implementing dynamic ethical frameworks. For instance, they could adopt strategies such as ethics auditing and the use of an inclusive design process when crafting/ changing ethical frameworks.