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AI Governance In Practice

By Dera Nevin
November 01, 2024

In a relatively short time, artificial intelligence tools have exploded in capability and adoption, impacting industries and dominating corporate board room discussions. With innovation and rapid technology transformation now common strategic priorities for corporations, AI has also become a front and center risk consideration in the minds of legal, compliance and privacy professionals.

Because AI relies on vast amounts of data, sometimes including personal data, to deliver real-time analysis, predictions, responses or insights, it inherently introduces an array of legal, regulatory, reputational and financial risks. Many of these issues were discussed in the AI Governance in Practice Report from IAPP and FTI Technology, released earlier this year.

To properly manage these risks and take advantage of new technologies, it is important to keep governance considerations at the forefront of any AI implementation and also to consider AI governance as an enabler that underpins all aspects of AI performance, and company culture and technology adoption and use. While no new technology ever should be deployed without careful consideration of its benefits and risks and having the appropriate systems and processes in place, both negative and positive outcomes potentially are more exaggerated with AI due to its vast scope and scale.

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