Mastercard, the global payments company, is known as a leader in privacy by design; senior leaders promote data responsibility and employees follow strict ethical guidelines and robust frameworks to manage and protect data. The company views AI as a significant part of its strategy going forward, using it to fight fraud, improve the consumer payment experience, increase efficiencies and decrease costs in back-end systems. When Mastercard created its AI Garage in 2018, its vision was to become an AI powerhouse. Realizing the special attention AI development efforts need, several leaders in the organization co-created the AI Governance Council and a framework to structure the company’s approach to governing AI. The application of this framework led to several significant decisions, including walking away from two acquisitions. Mastercard believes that the combination of a solid Privacy by Design process and additional governance specific to AI – “the AI governance framework” – is the right approach for the long term to maintain consumer trust. Yet, while being a trusted guardian of data with this robust AI governance framework, Mastercard also faces the costs of its high accountability stance – forcing it to make appropriate organizational and managerial choices as well as ensuring that AI governance does not result in a reduction in innovation. The speed of AI integration and need for ethics in data practices will only increase. What does this mean for Mastercard’s business model, profitability and innovation capabilities in the future?
Chanel Global CFO and IMD Executive in Residence Philippe Blondiaux explains how finance leaders can sustain a long-term focus on sustainability while addressing short-term challenges.
Building your own AI models in-house requires deep pockets, access to vast swathes of data, and the right talent. For many organizations, it's much more practical to use a third-party solution. Annabelle Gawer explains the potential and the pitfal...
Large behavior models (LBMs) promise to be even more impactful than large language models, says IMD’s Tomoko Yokoi.
As AI continues to reshape industries, businesses must navigate the balance between automation and human contribution. How can AI can drive sustainability while empowering both employers and employees through data collaboration, energy optimizatio...
More than simply a compliance exercise, sustainability reporting regulations offer a chance to develop and strengthen your business, says IMD’s Salvatore Cantale
More than simply a compliance exercise, sustainability reporting regulations offer a chance to develop and strengthen your business, says IMD’s Salvatore Cantale
Leaders, strategists, and decision-makers can play a pivotal role in integrating sustainability into business strategies – and make money in the process. Knut Haanaes, Bryony Jansen van Tuyll, and Øystein D. Fjeldstad outline five steps to make it...
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications
Research Information & Knowledge Hub for additional information on IMD publications