The rapid pace of progress in artificial intelligence (AI) has far-reaching implications for all industries. In this context, there is a need to move quickly to keep up with the competition, while at the same time upholding ethical standards and updating ethical best practices to consider the latest technical developments. This panel will explore how ethical principles, and a sense of responsibility can be integrated into the development and implementation of AI systems. Experts from various industries discuss how principles such as fairness, transparency, and data protection can be implemented in practice to minimize the risks and potential negative impacts of AI use. A particular focus is on the development of guidelines and best practices that companies and organizations have adopted to use AI technologies responsibly and sustainably, even in the absence of stringent regulatory frameworks. The discussion highlights how industry leaders and civil society have sought to proactively establish ethical standards and self-regulatory measures. This includes examining how these practices reflect their commitment to ethical AI use and how they shape the future of AI deployment beyond formal regulations.