Boards and management of companies using artificial intelligence tools for business growth must audit whether the deployment complies with fair market conduct rules, said Competition Commission of India Chairperson Ravneet Kaur. Speaking at an event organised by CII, Kaur said there is a likelihood that the use of AI may knowingly or unknowingly lead to breaching of fair market conduct rules, and company managements can act as a crucial first stage of assessment for the same.The first stage of intervention when adopting AI tools is to discuss self-audit, Kaur said, spelling out her expectations from the companies.”Can the boards, the management of various industries that are adopting AI for business growth, also look at what can be the potential anti-competitive outcomes which may occur knowingly or unknowingly?” she requested.Citing a study on AI and its challenges from a competition law perspective conducted by the panel a few months ago, Kaur said there are seven distinct risks that the use of AI portends.Also ReadAI adoption by GCCs to create 1.3 million new jobs: reportThese are algorithmic collusion, unilateral conduct, price discrimination, network effects, buying, and bundling strategic mergers and acquisitions, she said, adding that the Commission has only identified the risks… Read MoreYourStory RSS Feed
