Essential AI Governance Documents to Build Trust in AI
As artificial intelligence (AI) becomes embedded in the operations of many organisations, effectively managing the
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Artificial intelligence (AI) is rapidly becoming a business essential for many organisations. Its wide ranging capabilities that includes analysing large datasets, automating processes, enhancing security measures, and assisting in decision-making is transforming traditional business models.
In 2019, the Stanford Institute for Human-Centered AI reported a nearly 50% increase in AI investments, reaching $37.4 billion. By 2024, the global AI market has grown to over $600 billion, with AI transforming industries from finance to agriculture.
From predicting stock market trends to monitoring crop health in agriculture, AI is rapidly infiltrating nearly every sector of the modern world as businesses exploit the many AI opportunities.
With these opportunities comes risks.
Unlike established governance programs like Information Security or Business Continuity, AI Risk Governance is still in its early stages. Consequently, many organisations struggle to navigate the complexities to implement a robust, fit-for-purpose and compliant program.
Is there a path forward for organisations who adopt AI?
AI encompasses a continually evolving technological landscape in which there are trade-offs between scale, explainability, accessibility, speed, skills and cost.
Currently, we are in the calm before the AI regulatory storm, with both state and federal governments urging organisations to strengthen AI Risk Governance alongside their existing information security and risk management programs.
As we experienced with the Essential Eight cybersecurity framework, early adopters can gain a significant edge, signalling a commitment to security, longevity, and best practices to prospective customers.
Our research shows Australia’s AI Risk Governance is largely shaped by ISO 42001 AI Management System and NIST-AI-600-1 Risk Management Framework. It’s only a matter of time before alignment with these standards and compliance to regulations becomes mandatory.
Don’t wait until it’s too late – start building your AI Risk Governance program today.
For Artificial Intelligence Governance and Risk Management, our consulting approach and methodology considers better practice guidelines and emerging local and global regulatory guidance including:
Our AI Risk Governance services are designed to help businesses navigate the complexities of AI, ensuring ethical practices, regulatory compliance, and risk mitigation at every stage of AI development and deployment. From developing tailored AI governance frameworks to conducting comprehensive AI risk assessments and AI governance audits, we provide the expertise needed to safeguard your AI operations, fostering trust, transparency, and long-term success in a rapidly evolving technological landscape.
Developing an AI Governance Framework is essential for managing the risks and complexities of AI technologies.
Firstly, we obtain an understanding of your capabilities, your needs and AI intent. We sketch the framework with the organisation’s specific objectives, values, risk appetite, industry requirements, and AI use in mind. The sketch typically involves a combination of designing and implementing new policies and procedures and refining some existing framework documents to fill in the AI governance gaps.
By designing a comprehensive framework, we help align AI practices with regulatory standards and ethical principles, empowering organisations to innovate responsibly and sustainably.
Our AI Governance Framework Uplift services are designed to enhance existing frameworks, ensuring they remain robust, ethical, and compliant.
We help businesses implement comprehensive governance procedures that cover Ethical AI Usage, Data Privacy and Security, AI Risk Management, AI Lifecycle Management, Continuous Monitoring, Third-Party AI Governance, Incident Response & Reporting and Stakeholder Training and Awareness.
Our services help ensure that policies, procedures, and safeguards are in place and socialised with the board, management and key staff to promote transparency, fairness, and accountability.
An AI Risk Assessment is essential for identifying and mitigating the potential risks associated with AI systems. These assessments evaluate various factors such as data quality, model accuracy, bias, security vulnerabilities, capabilities, dependencies and ethical concerns.
By conducting comprehensive AI risk assessments, organisations can proactively address issues before they become critical, ensuring that their AI controls are robust, the systems operate responsibly and align with regulatory requirements and better practice standards.
We will deliver a comprehensive AI risk assessment that is aligned to your risk management framework, considers your risk appetite and identifies risks that require enhanced risk treatments.
An AI Governance Audit is a structured review to evaluate how well an organisation’s AI systems and practices align with its AI governance framework, regulatory requirements, and better practice ethical guidelines such as the NIST-AI-600-1 Artificial Intelligence Risk Management Framework.
The audit aims to ensure that AI technologies are catalogued, being deployed responsibly and align with the ethical, legal, and social expectations set by both internal and external stakeholders.
By assessing the governance framework, algorithmic fairness, bias mitigation, and risk management, the audits help identify gaps and areas for improvement.
As artificial intelligence (AI) becomes embedded in the operations of many organisations, effectively managing the
Artificial intelligence (AI) continues to reshape how organisations do business, offering unprecedented opportunities to improve
Although it is not always obvious, Artificial intelligence (AI) is quickly becoming a part of
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