ADM, Coca-Cola and other Fortune 500 companies discuss AI risks

Coca-Cola and Colgate-Palmolive are among the largest Fortune 500 companies, illustrating the benefits and risks of AI. Data from a technology platformArize is a good example.

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The list includes 281 companies that cite AI (as a possible risk factor) as an important consideration (+473 % by 2022), and mention of AI in annual reports has increased by 250 % over the past two years.

Media and entertainment (91.7 %), software and technology (86.4 %) and telecommunications (30 %) are the three sectors in which companies consider AI to be a high risk. Automotive (18.8 %), energy (37.3 %) and manufacturing (39.7 %), on the other hand, consider AI to be a low risk.

What about food and drink?

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Only 10 companies in the consumer packaged goods and manufacturing sectors mentioned AI, compared to 152 companies in the technology sector and 121 companies in the financial services sector. However, those that did highlighted some of its risks.

“Advances in generative AI are advancing at an unprecedented pace, bringing with them risks that could subject the company to losses through various technical, legal and opportunistic risks,” ADM’s latest annual financial report states.

ADM was particularly concerned about the pace and lack of regulation surrounding technology, particularly around privacy, security and data.

The company said that “guidance on awareness, responsible use of generative AI to protect WMD from a technical and legal perspective” as well as technological advancements for opportunistic applications, monitoring and oversight, are all important elements of its risk mitigation strategy.

Colgate-Palmolive also highlighted the same business risks and called for a lack of regulation. It also raised concerns about how “ethically and effectively” AI could be adapted. This “may impact our reputation as well as our ability to compete,” as AI results “could, for example, be false, biased, or inconsistent with our values and strategies.”

Coca-Cola and AI

Coca-Cola feared increasing the companies' exposure to cybercrime.

Constellation Brands did not prioritize risk because it had an AI governance framework in place to manage the use of AI technology, such as generative AI, by its employees and vendors.

Its financial report states: “Our employees and third-party service providers may not adhere to our governance framework. This includes if they integrate AI technology into their systems or products without informing us.”

She warned that a lack of transparency could create risks for companies' ability to meet existing or rapidly evolving industry or regulatory standards regarding AI technology.