AuditBoard Introduces Innovative AI Governance Solution to Enhance Risk Management
In a significant advancement for organizations navigating the complexities of artificial intelligence (AI), AuditBoard has unveiled a new AI governance solution aimed at accelerating AI risk management programs. This strategic move is designed to foster responsible AI innovation and facilitate the widespread adoption of AI technologies across various sectors.
The newly launched AI governance solution from AuditBoard provides a robust framework for customers striving to align with best practices established by prominent guidelines, such as the National Institute of Standards and Technology’s AI Risk Management Framework (NIST AI RMF). By adhering to these guidelines, organizations can better safeguard themselves against the myriad cyber, reputational, and financial risks that often accompany noncompliance with established AI standards.
Happy Wang, the Chief Technology Officer at AuditBoard, emphasized the urgency for AI governance across different industries. “This solution will help compliance teams address the widespread and urgent need for AI governance we are seeing across all industries,” Wang stated. He highlighted the timely capabilities of this new offering, which enable clients to promptly identify, evaluate, and mitigate potential risks associated with their AI systems. This proactive approach aims to enhance the efficiency of AI management, paving the way for a more structured and responsible integration of AI within business operations.
As various sectors increasingly embrace AI technologies, the demand for effective AI governance is becoming increasingly evident. A recent survey conducted by AuditBoard in collaboration with Ascend2 revealed that a staggering 72 percent of audit, risk, and compliance professionals believe that AI will considerably influence their risk management processes. While there is considerable excitement and optimism surrounding the opportunities offered by AI, organizations face the crucial challenge of balancing this enthusiasm with the necessity for responsible AI implementation.
The adoption of AI technology within organizations has been remarkably swift. Recent reports indicate that over 80 percent of AuditBoard’s AI customers are now integrating generative content into their systems of record. To address the growing need for responsible governance of not just AuditBoard AI, but any AI tool or model within their operational environments, the company’s new AI governance solution streamlines AI risk management programs, ensuring ethical AI usage through several key features:
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Streamlining Processes: The solution facilitates more efficient intake, review, and approval processes for AI use cases, expediting decision-making in a rapidly evolving landscape.
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Creating a Central Repository: By establishing a single source of truth for approved AI use cases and models, organizations can intelligently federate decision-making, enhancing clarity and accountability in AI deployment.
- Dynamic Risk Monitoring: The solution dynamically links AI risks to vendors, assets, and controls, allowing organizations to continuously monitor and manage AI risks across their ecosystems.
Anthony Plachy, General Counsel at AuditBoard, shared insights into how the approval process for AI use cases is managed within the company. “My team is responsible for assessing each AI use case at AuditBoard and ultimately giving the green light,” Plachy noted. He remarked on the surging demand for AI tools and the subsequent rapid increase in use cases across the business. The development of the AI governance solution was a direct response to managing this influx of requests while ensuring compliance with internal AI governance standards. Plachy expressed confidence that the solution, which has fundamentally transformed his team’s operations, will empower customers to navigate their AI journeys effectively.
The introduction of AuditBoard’s AI governance solution signifies a pivotal moment for organizations working to embrace the transformative potential of AI while navigating the associated ethical and compliance challenges. As businesses increasingly integrate AI into their workflows, maintaining robust oversight and governance will be crucial in mitigating risks and harnessing the full benefits of this powerful technology. The effectiveness of AuditBoard’s solution could ultimately serve as a model for responsible AI governance in the industry, illustrating the balance between innovation and compliance.