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Risk Management for AI: A New Frontier

Artificial intelligence is the way of the future, but the speed of its adoption introduced a particular set of problems. One of those problems overshadows the others: How can a company create an AI framework that allows it to operate legally, ethically and profitably? The answer is this: They must create a system that allows the company to view its operations holistically rather than in a traditional silo structure. Data security and privacy departments need to be aware of the security and privacy processes and procedures the marketing department is implementing and vice versa. Without the give and take of a holistic framework, different departments may be operating at cross-purposes — and that can lead to a legal or reputational disaster. Developing an AI Framework Carefully developing an AI framework is the only way to minimize the inherent risks: Strategic vision. The leadership team needs to create a strategic vision for use of AI in the company. It is critical that the entire leadership team is on the same page. First, they need to have a written statement about why using AI benefits the company. Companies that rushed to implement AI in the immediacy of the Covid-19 pandemic did not have...