Meaning ● Ethical Algorithm Governance, in the realm of Small and Medium-sized Businesses, constitutes the framework of principles and practices ensuring fairness, accountability, and transparency in the development and deployment of automated decision-making systems. Algorithm oversight dictates responsible artificial intelligence (AI) implementation across business functions, safeguarding both business interests and societal values during SMB automation efforts. In other words, SMBs leveraging algorithms for growth strategies must establish protocols that mitigate bias and promote ethical behavior in AI, as poorly governed algorithms can create legal vulnerabilities and damage reputations. For sustainable growth, SMB leaders are encouraged to monitor algorithm performance against fairness metrics as well as operational KPIs. Successful governance requires interdepartmental coordination across the business, from data acquisition to model deployment, to verify data integrity and prevent unintended consequences. Specifically, it encompasses procedures for routine audits, risk assessments, and remediation strategies to uphold the integrity of algorithmic processes. ● This framework protects SMBs from regulatory scrutiny, supports consumer trust, and cultivates a fair digital ecosystem.
