It’s widely recognized that artificial intelligence, specifically generative AI (GenAI), holds immense potential to revolutionize employee and customer experiences, offering speed, simplicity, and improved operational intelligence. However, implementing AI poses significant risks that could disrupt many companies’ business models and open them up to possible reputation, safety, bias, and compliance challenges — and regulators have taken note.
Around the globe, corporations and governments are grappling with addressing data security privacy, bias, and hallucination concerns while AI innovation and adoption accelerate. For instance, the United States Office of Management and Budget recently required all federal agencies to add a chief AI officer to their ranks, create an AI Governance Board, and submit annual reports. However, we are just in the beginning stages of seeing global regulations and frameworks take effect. AI is continuing to put pressure on risk boundaries, and regulations like last year’s SEC mandate, and the European Union’s AI Act have been created in direct response. Companies worldwide can count on more scrutiny and accountability.
In this dynamic…
