The Integral Role of Artificial Intelligence in Shaping Corporate Governance in Iraq

Abstract

History is full of examples of technological transformations changing how people do business. The Internet can be considered the latest example of how businesses have had to adapt to survive and thrive in the market. While the term artificial intelligence (AI) has been around since the 1950s, its relevance in corporate governance has been mostly ignored. While it is true that the current wave of development is not the first one, and it will certainly not be the last, there is no industry left untouched by AI. Be it healthcare, education, manufacturing, or e-governance, AI is making its impact felt across the globe.Existing research has shown that digital transformation is a difficult exercise for any business. The shift from old ways of doing things to technology-based solutions often faces a direct behavioural challenge from a company’s employees. Adopting AI into corporate governance can be considered one such digital transformation initiative. The literature review in this paper covers how digital transformation can take place in an organization's corporate governance function and various factors that need to be considered. Qualitative research methodology has been used to conduct research for this paper.The data collection method used is semi-structured interviews. A set of questions was prepared in advance so that the discussion did not deviate from the main theme. A total of twenty interviews were conducted for twenty participants. For data analysis, these participants were divided into three groups: AI experts who are currently working in the private sector, corporate professionals who are currently in senior managerial positions, and public servants employed by the government handling IT-related projects.The responses of the participants have been analysed and presented in this paper. This analysis reveals that there is cautious optimism shown by the participants with regard to integrating AI into corporate governance processes. They acknowledge benefits such as transparency, accountability, and fast and unbiased decision-making and, at the same time, point out concerns like a lack of regulations, misuse, ethical considerations, and unavailability of skilled workforce.