MAKING CONFIDENT DECISIONS ON ARTIFICIAL INTELLIGENCE SOLUTIONS
Organizations are increasingly being approached with opportunities to apply Artificial Intelligence (AI) in various forms – advanced analytics, computer vision, generative, machine learning - to core business processes. These AI innovations are arising in nascent regulatory environments (federal, state, and international) which are still assessing the risk against innovation, typically with a consumer protection lens. These regulatory deliberations are often slow and reactionary, and as such, leave businesses lacking certainty.
Even when faced with uncertain environments, leading organizations still desire action and market differentiation. In order to act with confidence in the midst of uncertainty – particularly with the desire to avoid reworking processes when regulations do arrive - organizations should rely on three fundamentals.
Diligence: Fully understand ecosystems and exposures prior to committing resources.
Organizations should have a comprehensive, end-to-end understanding of the AI pathways and uses of their data, importantly looking beyond the contemplated to the possible and being certain and comfortable with all.
Integrity: Reliable and defensible outcomes.
Beyond data security, organizations should ensure AI-supported processes are replicable and their outcomes are reasonable and defensible.
Openness: Build trust with clients and regulators.
Transparency in the use of AI solutions, particularly in consumer-facing or consumer-impacting functions, is clearly becoming a regulatory touchstone, as is, where possible, providing consumers the ability to opt out of the application of AI to personal data.
Thoroughness in Diligence and a commitment to Integrity should lead to confidence in appropriate Openness. Applying these fundamentals should enable organizations to make confident decisions regarding AI opportunities.
We can help you in these critical efforts in organizing a sound approach to:
· Developing and conducting reasonable Diligence of current environments and partners.
· Identifying and mitigating risks to ensure Integrity in internal controls and third-party partners.
· Finding the balance in Openness to still achieve the business opportunity effectively.
Contact: Rob@robertfoxlaw.com RobertFoxLaw.com