Artificial Intelligence (AI) is a game-changer, but it comes with its own set of risks — from cybersecurity issues to bias and ethical concerns. To harness the full potential of AI while keeping these pitfalls at bay, organisations need a solid governance, risk, and compliance (GRC) framework tailored specifically for AI. A recent survey showed that only a quarter of businesses have such frameworks in place, highlighting a huge gap that needs filling.
Key Points
- Organisations that create AI-specific GRC frameworks can protect against risks and ensure responsible use of AI technologies.
- Only 24% of businesses have fully enforced AI GRC policies, signalling a need for improvement across the board.
- Employee education and guidance are crucial to minimise risks like data leakage and AI errors.
- A well-defined governance structure is necessary to avoid misalignment in AI deployment and risk management.
- Incorporating ethical principles in AI GRC frameworks can prevent ethical breaches and build trust in AI systems.
- Continuous feedback and model monitoring are vital for ongoing compliance and effectiveness of AI systems.
Why should I read this?
If you’re in a business environment leveraging AI, you need to get ahead of the curve with a GRC framework tailored for it. This article serves up a detailed guide on not just why you need such a framework but also how to effectively set one up. It’s a hot topic, especially with AI regulations emerging globally, so why not stay informed and proactive instead of reactive?
