Impact of industry 5.0 on sustainable development with machine learning and the role of internal audit: Literature review

Rehman, Ali; Umar, Tariq; Hashim, Fathyah

Abstract

This chapter delves into the potential impact of Industry 5.0 on sustainable development and associated risks. It emphasizes the importance of mitigating these risks while taking into account the interests of all stakeholders involved. The chapter aims to analyze the opportunities and challenges associated with Industry 5.0 adoption, its contribution towards sustainable development and ensuring ethical practices while minimizing potential risks. Through the application of Stakeholder Theory, Resource-Based View (RBV) of the industry and Ethical Decision Making theory, the role of machine learning (ML) and internal audit function (IA) in managing these risks is examined. It is identified that Industry 5.0 adoption has the potential to benefit sustainable development, but it also presents risks that need to be addressed. The IA along with ML plays a crucial role in identifying and mitigating these risks. This chapter can be transformed into a complete empirical study, and regulators, standards setting bodies and policy makers can also consider the implications of Industry 5.0 with the IA and ML for the achievement of sustainable development and amend their rules and policies accordingly. In conclusion, the chapter emphasizes the significance of Industry 5.0 adoption for sustainable development and the crucial role of ML and IA function in mitigating risks. The chapter recommends that organizations take a strategic approach that prioritizes stakeholder interests and invests in essential resources to harness the potentials of Industry 5.0.

Citation

Rehman, A., Umar, T., & Hashim, F. (in press). Impact of industry 5.0 on sustainable development with machine learning and the role of internal audit: Literature review. In J. Żywiołek, . J. Rosak-Szyrocka, A. Nayyar, & M. Naved (Eds.), Modern Technologies and Tools Supporting The Development of Industry 5.0 (1-62). Taylor & Francis

• Acceptance Date: May 9, 2023
• Deposit Date: May 9, 2023
• Publisher: Taylor & Francis
• Pages: 1-62
• Book Title: Modern Technologies and Tools Supporting The Development of Industry 5.0
• Keywords: Industry 5.0, sustainable development, machine learning, internal audit, stakeholder theory, resource-based view theory, ethical decision-making theory, governance issues, greenwashing, job loss, data privacy concerns
• Public URL: https://uwe-repository.worktribe.com/output/10763905