The potential of generative AI (GenAI) to enhance profitability and productivity is widely recognized. However, skepticism regarding ROI necessitates a strategic approach for chief information officers (CIOs) to effectively leverage GenAI. Working to exploit GenAI opportunities and establish robust GenAI programs, CIOs face challenges including data and infrastructure readiness, cyber risks and regulatory compliance. This presentation explores practical implications, such as the importance of implementing strong cybersecurity measures to protect data, as well as navigating emerging AI regulations that could result in financial penalties and operational disruptions. EY technology, strategy and transactions, and risk management professionals outline strategic approaches for CIOs, emphasizing the identification of GenAI opportunities and defining leadership archetypes based on organizational maturity levels. Various governance strategies and the role of centers of excellence are also discussed. Sourcing strategies highlight the importance of investing in core GenAI capabilities and partnering with external providers. Guidance for managing ROI through consistent measurement across development stages aims to drive strategic alignment with business objectives. The EY team concludes by outlining key steps for a successful GenAI journey. This presentation is a resource for CIOs, technology practitioners and risk management specialists aiming to navigate the complexities of GenAI adoption and risks while driving valuable outcomes.