Mitratech’s Post

🔍 As questions about AI risk management expertise become increasingly crucial, it's essential to ask: How can organizations ensure that innovation balances well with regulation and that risks are responsibly managed?

"With AI use, innovation, and regulation confusion outpacing ratified standards, IT leaders are left to develop in-house approaches to mitigating AI risks, leaning on frameworks, tools, and their colleagues to get AI right." #AI #AIgovernance #ITtransformation

Many organizations are eager to see the benefits of generative AI but are hesitant to implement it due to risk concerns. Our new article provides insights into how the risk function can help businesses move faster in generative AI adoption. By defining the scope and severity of the risks, aligning principles, processes, and people to manage them, and establishing a durable framework for AI governance, see how risk & compliance professionals can help deliver a Trusted GenAI framework that can help companies harness the power of generative AI and move forward with confidence.

As AI continues its rapid evolution, it’s clear that governance frameworks must keep pace. The recent advancements in Generative AI and the EU AI Act, effective August 2024, emphasize the urgency of structured AI governance. The risks tied to AI’s non-deterministic nature—its capacity to make decisions without predictable outcomes—require organizations to rethink their approaches to risk management. But AI governance isn’t just about compliance. It’s about understanding the distinct yet parallel relationship between managing human judgment and AI systems. Both humans and AI demand rigorous fact-checking and ethical guardrails. The challenge? Traditional governance models struggle to align with AI’s complexity, especially when it comes to issues like data privacy, explainability, and the rapid evolution of models. Organizations, whether SMBs or mature enterprises, must adopt a risk-based strategy, leveraging frameworks like the NIST AI Risk Management Framework. By progressing from a descriptive understanding of AI to a normative approach with risk-tailored controls, businesses can adapt to regulatory shifts while securing the immense potential AI offers. It’s time to embrace AI governance as a journey, not a destination. #AIGovernance #AICompliance #GenerativeAI #RiskManagement #AIMaturity #DataPrivacy #AIRegulation #EthicalAI #NIST #EUAIACT #BusinessStrategy

how is AI going to change your business. 96% plan to increase AI investments next year. But with regulation (US + global) looming large, these risks will need to be addressed sooner than later. The report has 20+ pages of data on technical challenges, governance plans, and regulations, among other top AI priorities.

We’ve got brand new AI Governance insights: our new "Responsible AI Benchmark Report 2024" is available now. Download this free report to unlock exclusive insights into the state of AI Governance, including the widening gap between the rapid adoption of AI and the implementation of responsible AI Governance practices: https://lnkd.in/gPAXPaiT ModelOp partnered with CDO Magazine to produce this free report by surveying nearly 150 executives across diverse industries about their AI adoption, governance capabilities, and top risks. Key findings include: >Explosive AI Growth, Lagging Governance: 81% of companies have AI use cases in production, but only 15% rate AI Governance as very effective >Vendor Dependency: 77% use third-party vendor models, and 72% use some form of embedded AI >ROI Reporting Challenges: 39% have ineffective AI ROI reporting Download the report today to benchmark your enterprise to industry trends, learn best practices for getting started with AI Governance, and improve critical capabilities that help you manage AI risk and reward. #artificialintelligence #aigovernance #generativeai #responsibleai

The rapid advancement of AI highlights the crucial role of integrated risk management (IRM) in bridging the gap between technology and regulation. The Wall Street Journal’s article on AI development outpacing regulatory efforts underscores the need for proactive IRM strategies. The EU’s AI Act signals a push towards global regulation, prompting organizations to prepare for future regulatory environments. Leaders like Nationwide Mutual Insurance and Goldman Sachs exemplify this by embedding regulatory foresight and ethical considerations into their AI guidelines, demonstrating IRM’s vital role in sustainable AI innovation. With the proliferation of AI-related legislation in the U.S., the potential for a fragmented regulatory landscape increases, making IRM indispensable for navigating compliance and ethical challenges. IRM provides a comprehensive framework for companies to manage the complexities of AI development and regulation, ensuring innovation is both responsible and aligned with global standards. This approach is essential for fostering responsible innovation and maintaining sustainable growth in the era of digital transformation. #IntegratedRiskManagement #AIRegulation #EthicalAI #DigitalTransformation #GlobalStandards #Compliance #TechEthics #AIInnovation #FutureOfWork

Denmark's AI Compliance Blueprint Discover how Denmark is leading the charge in AI regulation with its newly unveiled framework 'Responsible Use of AI Assistants in the Public and Private Sector.' Backed by industry giants like Microsoft, this initiative not only aligns with the EU's AI Act but also sets a precedent for AI's responsible use, focusing on compliance, risk mitigation, bias reduction, and collaborative deployment. Could this be the model for the rest of the world? Click the link in the comments for the full article.

As more generative AI projects move from proof-of-concept to production, CIOs will be shouldering the additional pressure of enacting AI governance policies to protect the enterprise — and their jobs. Want to learn how CIOs are navigating these challenges and shaping the future of AI governance? Read here: https://bit.ly/3YTxNzq #AIGovernance #TechLeadership