Companies rushing headlong into deploying AI tools are tempting fate if they don’t embed fundamental risk management principles. Liban Jama and Emily McIntosh of EY suggest that compliance and risk must be at the center of AI strategies, especially as the regulatory picture around the technology keeps changing.
Following on the heels of the European Parliament adopting its AI Act, companies now need to be aware of their requirements as they deploy AI solutions to optimize their operations and benefit their customers. The act marks a significant milestone in the inevitable global shift toward increased regulation of AI.
Meanwhile, as boards, investors and customers show strong interest in AI’s promise to boost their businesses’ bottom line, more executives are placing AI at the top of their agendas. Pressure is mounting on them to stay at the cutting edge of innovation in an increasingly competitive business environment. According to a recent EY study, 43% of CEOs are already investing in AI and another 45% are planning to do so in the next year.
However, the desire to accelerate AI deployment and integration to meet stakeholder expectations must be supported by robust risk management controls for long-term success.
To remain competitive, innovative companies will closely evaluate and stay…
