AI has taken the world by storm over the past few years, offering businesses a range of benefits, from efficiency and productivity to innovation and improved services. But many boards are still getting up to speed on AI. Consider some of the findings from Governance of AI: A critical imperative for today's boards, a Deloitte Global Boardroom Program survey of nearly 500 board members and C-suite executives in 57 countries:

With many businesses now planning to scale AI across their organizations -- nearly half (44%) of those surveyed say the pace of AI adoption needs to accelerate -- the question of governance and oversight is brought into sharp focus. Infusing a mindset of trust and ethics from the start is vital to shaping short-term and long-term adoption.

Over 40% of respondents to the Deloitte Global survey do not believe their organization is ready for broader AI deployment, with only 3% stating their organizations are very ready. In fact, scaling of GenAI in particular is proving to be challenging, with many efforts still at the pilot or proof-of-concept stage.

This still nascent state of AI presents an opportunity for boards to contemplate, define, and scale AI oversight in ways that allow the board to maximize the time it spends on the organization's most strategic topics. To do this boards should engage, communicate transparently across multi-disciplinary teams, and continue getting up to speed on the topic. Right now, however, nearly half of those surveyed are either not satisfied with or are concerned about the amount of time devoted to board discussions on AI.

Part of the reason for lack of engagement may be the limited understanding most boards have of the "art of the possible" in the use of AI, with just 2% of respondents saying they consider their boards to be highly knowledgeable and experienced with AI. To remedy that, nearly 60% of those surveyed say they are independently seeking to enhance their own knowledge, while others say they are providing foundational education to the board, or are bringing in external experts to learn about the opportunities and challenges presented by AI. Some are even turning to immersive experiences, using digital avatars and demos to help board members become more fluent in the technology.

Addressing board governance of AI is even more critical when considering the popular uptake of readily-available GenAI tools -- especially among employees. Although many companies still limit their workforce's access to approved GenAI tools, their data could be at risk if employees use unsanctioned tools.

With two-thirds of organizations increasing investments in GenAI, according to Deloitte US research, boards will likely need to start addressing AI risks sooner rather than later. To develop effective governance models, boards should consider the following steps:

In a complex environment in which opportunities, challenges, and priorities frequently emerge, it's critical for organizations to govern at scale -- whether related to AI oversight or another emerging topic. This means challenging orthodoxies while implementing balanced processes that allow the board to operate efficiently, transparently and in the best interests of the organization as a whole -- supporting growth, creating long-term value, and sustaining the organization.