AI Governance

Written by Bryan Altimas

As #AI (artificial intelligence) becomes increasingly integral to modern business #riskmanagement, the need for robust #governance and management of AI increases by the day. Many organisations use Machine Learning (ML), Deep Learning (DL) and generative AI to streamline operations through automation, improve decision making and enhance customer and user experience.

AI systems provide new opportunities for efficiency and innovation but also unique challenges demanding careful risk management and governance. AI systems introduce ethical risks around bias, fairness and transparency which must be managed across multiple jurisdictions and industries.

As AI rapidly advances, the pace of innovation often surpasses the ability to fully anticipate its impacts and implications, leaving AI systems vulnerable to threats like manipulation, data poisoning, cyberattacks, and security breaches.

Of course, AI systems are not only stand alone but are frequently incorporated into off the shelf systems, SAAS applications and the commonly used search engines.

There are several AI governance frameworks, standards and laws that have emerged to address ethical use, security, accountability and fairness, including:
- The Organisation for Economic Co-operation and Development (OECD) AI Principles emphasise human rights, democratic values, transparency, and accountability in AI applications.
- the US National Institute of Standards and Technology (NIST) AI Risk Management Framework (AI RMF) focuses on managing cyber risk associated with AI.
- ISO/IEC 42001:2023 is a global standard that centers around creating an Artificial Intelligence Management System (AIMS) and includes specific requirements for risk assessment, transparency, and data governance.
- The EU AI Act is a comprehensive regulatory framework proposed by the European Union that categorises AI systems based on risk levels and implements strict requirements for acceptable use.

Talk to us about your risk management and governance concerns about your organisations use of AI. Contact us by LinkedIn messenger or by email at info@riversidecourtconsulting.co.uk with the message AI governance.