Nearly two-thirds of C-level AI leaders can't explain how specific AI decisions or predictions are made, according to a new survey on AI ethics by FICO, which says there is room for improvement. FICO hired Corinium to query 100 AI leaders for its new study, called "The State of Responsible AI: 2021," which the credit report company released today. More than two thirds of survey-takers say the processes they have to ensure AI models comply with regulations are ineffective, while nine out of 10 leaders who took the survey say inefficient monitoring of models presents a barrier to AI adoption. Seeing as how the regulatory environment is still developing, it's concerning that 43% of respondents in FICO's study found that "they have no responsibilities beyond meeting regulatory compliance to ethically manage AI systems whose decisions may indirectly affect people's livelihoods," such as audience segmentation models, facial recognition models, and recommendation systems, the company said. At a time when AI is making life-altering decisions for their customers and stakeholders, the lack of awareness of the ethical and fairness concerns around AI poses a serious risk to companies, says Scott Zoldi, FICO's chief analytics officer.