AI-powered risk and compliance

AI regulatory compliance means making sure your company’s use of artificial intelligence operates within set boundaries and guidelines – from legal regulations like the EU AI Act to your own internal policies or ethical code. The goal of AI regulatory compliance within your organization is to be transparent about its use, how it handle data and the steps taken to manage related risks.

It’s important because non-compliance with AI regulations and requirements can lead to large fines, legal trouble and damage to your reputation. A good AI compliance program builds trust with your customers and regulators while allowing you use new technologies without taking on unnecessary risk.

AI helps by automating time-consuming tasks like rewriting and translating entries, freeing up your team for more important work. AI risk and compliance software can also analyze volumes for patterns that one individual could never spot on their own.

The four key areas of AI compliance are: 

• Governance: Creating clear policies and trainings for how AI is used and where human oversight is required. 
• Risk assessments: Regularly checking your AI tools for potential risks, errors and biases. 
• Transparency: Being able to explain how your AI makes decisions and on what data they are based. 
• Ethics: Building a framework to ensure AI is used responsibly by your business and its vendors.

While the landscape around AI usage is evolving, two key frameworks are central to the conversation: 

• The EU AI Act: This is a landmark law that takes a risk-based approach, categorizing AI systems from unacceptable risk (which are banned) to high, limited and minimal risk. It sets strict transparency and compliance requirements, especially for high-risk systems used in industries that handle the public’s data. 
• The NIST AI Risk Management Framework: This is a voluntary framework from a U.S. government agency designed to help organizations manage AI risks. It provides a structured process to govern, map, measure and manage AI systems to improve their trustworthiness.

A quality AI-driven risk and compliance solution should have three critical core benefits for your business: automating routine, data-intensive tasks; analyzing broad information sets to speed up risk identification and flagging; and providing insights that help your team make faster, more informed decisions for your organization’s future.