16 ASIAN LEGAL BUSINESS – JANUARY-FEBRUARY 2024 WWW.LEGALBUSINESSONLINE.COM COVER STORY It’s hard to imagine that ChatGPT, the technology that kicked off the current AI boom, was only unveiled to the public in November 2022. Since that time, it has garnered hundreds of millions of users, and companies around the world have been looking to the technology to enhance productivity, free up employees for high-value tasks, and lower costs. A recent survey done by Accenture of 2,300 global leaders found that 97 percent of respondents feel Gen AI “will be transformative for their company and their industry”. Another strategy firm, Oliver Wyman, estimates that Gen AI will add US$20 trillion to global GDP by 2030 and save 300 billion work hours a year. This is unprecedented, in that no other technology has had a transformative effect like Gen AI has. And companies across a wide range of industries have begun to embrace it as they look to improve productivity and gain a competitive advantage. Among these are companies in some of the most regulated industries, including financial services and professional services. While Gen AI does raise risks if not adopted and implemented with some care, early adopters report that these risks are well-managed through controls like customised tools within secure enterprise environments, stringent verification of AI outputs with human supervision, and continuous staff training on responsible AI practices. In this special feature, thought leaders in some of Asia’s most well-known companies share their experiences with Gen AI till date, the steps they’ve taken to mitigate risks, and how the new technology has begun to transform their work like never before. JOHN KOSHY Head of Group Legal Affairs, Jardine Matheson Limited How has Jardine Matheson leveraged AI technology, and what benefits has it brought to your legal and compliance work? Jardines has taken an active but careful approach to Gen AI. We are committed to its responsible, ethical use. We have been building capability, knowledge, and central support to explore use cases. We have also developed policies on utilising Gen AI tools and properly safeguarding our data. The Group has built internal expertise through hackathons, developing Proof of Concepts, and assessing risk and impact. Our legal team spearheaded Gen AI testing. In spring 2023, we partnered with the University of Hong Kong’s Law, Innovation, Technology and Entrepreneurship Lab (LITE Lab) to work with LITE Lab students to identify productivity gains, streamlining routine tasks like summarising contracts, translation, and drafting. Jardines is exploring It has been barely a year since generative artificial intelligence (Gen AI) entered the mainstream, and since then, it has swiftly and comprehensively captured the imaginations of business leaders and the public like no other emerging technology till date. Companies realise that if they don’t get on board now, they risk getting left behind. BY RANAJIT DAM AARON BLEASDALE HSBC JOHN KOSHY Jardines WINNIE YEUNG Microsoft AMY LEE Microsoft CARL LI Linklaters
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