Governance of Generative Artificial Intelligence for Companies

Generative Artificial Intelligence (GenAI), specifically LLMs like ChatGPT, has swiftly entered organizations without adequate governance, posing both opportunities and risks. Despite extensive debates on GenAI's transformative nature and regulatory measures, limited research addresses organizational governance, encompassing technical and business perspectives. This review paper fills this gap by surveying recent works. It goes beyond mere summarization by developing a framework for GenAI governance within companies. Our framework outlines the scope, objectives, and governance mechanisms tailored to harness business opportunities and mitigate risks associated with GenAI integration. This research contributes a focused approach to GenAI governance, offering practical insights for companies navigating the challenges of responsible AI adoption. It is also valuable for a technical audience to broaden their perspective as increasingly ethical and business concerns gain in prevalence and allow them to identify novel research directions.