Artificial Intelligence is reshaping the business landscape, bringing unparalleled opportunities and unforeseen challenges. But as AI’s influence grows, how can businesses navigate the complexities of compliance and ensure resilience? Dive into the journey from risk to resilience and discover the pivotal role of AI compliance prioritization.

The Current Landscape of AI in Business

The transformative power of Artificial Intelligence is evident across various sectors. From revolutionizing customer service and brand management to optimizing operations and shaping organizational culture, AI’s influence is undeniable. According to the McKinsey Global Survey, there was an increase of nearly 25 percent in the adoption of AI in standard business processes over the previous year. However, as the World Economic Forum highlighted, AI is rapidly changing risk management and compliance, introducing new types of risks that businesses must navigate.

This evolving landscape underscores the importance of understanding and addressing the potential challenges, leading us to delve into non-compliance risks in AI.

The Risks of Non-compliance in AI

Artificial Intelligence undeniably holds transformative power for businesses. However, with its rapid integration comes challenges, especially in compliance.

In the broader context of the regulatory landscape, the AI domain is evolving with a growing emphasis on legal compliance. Regulatory bodies are intensifying their focus to ensure businesses deploying AI solutions adhere to stringent standards. The European Union is at the forefront of this regulatory evolution, having recently approved the Artificial Intelligence Act, which establishes rigorous rules for AI applications and underscores the paramount importance of compliance.

Managing third-party risk is also a significant challenge, accentuated by the rise of AI as a service. It underscores the critical need for robust contracts, solid governance structures, comprehensive risk assessment frameworks, and stringent monitoring and auditing protocols when incorporating third parties to develop or operate AI solutions. Enterprises using third party AI solutions must exercise due diligence regarding training data, model structures, intended use cases, and post-deployment choices. Obtaining extensive documentation is pivotal in effectively managing risk with opaque systems and acts as a formidable defense against legal liability.

The Need for AI Compliance Prioritization

The recent enactment of the Artificial Intelligence Act by the European Union underscores the escalating importance of strict adherence to AI regulations. In this dynamic regulatory environment, businesses must adopt proactive compliance strategies to align with current and emerging legal frameworks.

The essence of prioritizing compliance lies in the foresight and preparedness for impending regulations, ensuring the legal integrity of every AI application deployed. Establishing robust governance structures and meticulous documentation throughout AI development and deployment are pivotal, especially when incorporating third-party AI solutions.

Businesses need robust, comprehensive solutions to navigate the complexities of compliance and legal frameworks effectively. This is where Konfer’s AI GRC stands out, offering pivotal tools and insights to ensure AI initiatives’ legal compliance and soundness, seamlessly meeting all existing and upcoming regulations.

How Konfer AI GRC Can Help

Konfer’s AI GRC offers a comprehensive solution for businesses navigating the complexities of AI compliance. It provides a panoramic view of AI assets through its AI Asset Discovery & Asset KnowledgeGraph, enabling meticulous risk assessment and understanding of intricate dependencies. Konfer Asset Cards deliver actionable directives based on an organization’s AI policies, best practices, and prevailing regulations, complemented by conformance scoring to guide businesses on the reliability of their AI assets. The AI Posture Dashboard, powered by the Konfer Confidence Factor scores, gives companies a real-time pulse on their AI compliance status. Additionally, Konfer AI GRC’s Governance Workflow ensures swift identification and mitigation of potential issues. At the same time, its extensibility supports a range of ML platforms and AI regulations, providing adaptability in a diverse AI ecosystem.

With Konfer, businesses can confidently steer their AI initiatives, ensuring transparency, ethical alignment, and regulatory compliance.

Steps to Ensure Business Continuity Through AI Compliance

To ensure business continuity, organizations must adopt a systematic approach to AI compliance:

With Konfer’s suite of features, these steps can be seamlessly integrated into any business model, ensuring productivity and compliance assurance.

Take the Leap from Risk to Resilience

The transformative wave of AI in business is undeniable, but with it comes challenges that can make or break your enterprise. As AI’s role in the business world grows, ensuring compliance isn’t just a regulatory need—it’s a strategic imperative for resilience and business continuity.

Don’t just mitigate risks; prioritize AI compliance and transform them into opportunities. You can confidently navigate the AI landscape with tools like Konfer AI GRC. Act today and ensure your business survives and thrives in the AI-driven future.

Begin your path to responsible AI governance and compliance with our 6 Weeks to AI Governance resource page.

According to Forrester Research, 76% of enterprises are on the AI adoption curve, signaling a solid drive toward operationalizing AI within their organizations. However, operationalization is just one phase of the journey.

As the business landscape transforms, particularly with the rise of AI technologies, pinpointing AI-related hazards becomes increasingly important. By spotlighting these hazards through risk identification, organizations can make decisions that insulate them from unexpected challenges.

Challenges Surrounding AI Risk Identification

Given the convergence of technology, regulatory standards, and diverse business strategies, organizations need to effectively handle the complexities of risk identification, especially when each facet offers its specific hurdles.

  1. Evolving Technological Landscape. Each advancement in AI and machine learning technologies brings about new challenges. Every innovation introduces potential risks.

  2. Proliferating Regulatory Standards. Navigating the regulatory maze becomes even harder for global businesses with varied new rules cropping up across regions and industries.

  3. Diverse Technical Approaches. With so many AI tools and methodologies, it’s tough for enterprises to adopt a standardized approach.

  4. Multiple Policy Considerations. It’s challenging for businesses to pinpoint which policies affect specific departments or projects, risking potential oversights.

  5. Ensuring Compliance. Matching AI models and datasets with the vast regulatory landscape is challenging, but compliance is non-negotiable.

The Need for an Effective AI Governance Solution

Given the challenges, even a single misstep can lead to considerable financial, reputational, or operational setbacks. As testament to its escalating significance, a quarter of tech leaders are gearing up to present AI governance matters to their board, positioning it alongside vital board-level discussions on cybersecurity and compliance.

Furthermore, Forrester’s data reveals that 46% of data and analytics business and technology decision-makers are actively seeking partners to implement AI crucial to their operations. These board reporting responsibilities are expanding to cover the intricacies of AI deployment and the explainability and fairness audits of impactful algorithmic decision-making.

How Konfer AI Governance Suite Tackles Risk Identification Challenges

Konfer’s AI Governance Suite is a comprehensive solution that equips businesses with the tools to confidently navigate AI governance’s unpredictable terrain.

Konfer AI Asset Discovery & Asset KnowledgeGraph:

Gives you an overhead view of all your AI assets, identifying asset interdependencies.

Konfer Asset Cards:

No more vague directives. Instead, you get concrete steps, steering you toward compliance directives derived from your organization’s AI policies and best practices, and from national/local AI regulations.

Visualization Dashboards:

Get a real-time summary of your Konfer Confidence Factor scores in your AI Posture Dashboard.

Governance Workflow:

Automatically score users’ actions and perform rapid root-cause analyses and identify mitigation steps.

Extensibility:

It’s future-ready. Konfer’s suite is compatible with various AI and ML platforms, and supports multiple AI regulations including the EU AI Act, NIST AI RMF, US Federal Letter SR 11-7 and more.

Benefits of Adopting Konfer AI Governance Suite

The Konfer AI Governance Suite offers many advantages tailored to various organizational teams.

It allows legal teams to simplify legal frameworks and streamline risk management processes.

Compliance teams can move past traditional manual risk logs, benefiting from real-time insights that pave the way for prompt actions.

Development teams will appreciate Konfer AI Governance Suite’s seamless integration capabilities, ensuring heightened productivity without compromising compliance.

Lastly, leadership and decision-makers can now be equipped with the necessary information, keeping them abreast of their organization’s AI risk landscape and enabling more informed decision-making.

Ready to transform your AI challenges into growth opportunities? Take our 6 Weeks to AI Governance journey and start today.

A new law known as NYC 144, now in effect in New York City, mandates an annual “bias audit” for employers utilizing automated employment decision tools (AEDTs).

Noncompliance with the law will lead to civil penalties ranging from $500 for the initial violation and each subsequent violation on the same day, to between $500 and $1,500 for each subsequent violation. Each day that the AEDT is unlawfully utilized stands as an individual violation, and neglecting to provide notice is also considered a separate offense.

The complexities of this law, combined with penalties for non-compliance, present significant challenges for businesses that have embraced AI tools for not just their hiring process, but across their entire enterprise ecosystem.

This is where Konfer can make a difference.

Understanding Complexity and Transparency in AI Tools

One of the significant challenges under NYC 144 is the law’s demand for transparency. Employers must have a clear understanding of how their AI tools are working. Moreover, they must publicly disclose specific details, such as the date of the most recent bias audit and the selection rate across various demographic categories.

Konfer, with its focus on transparency, can help businesses meet this challenge head-on. Its Governance-by-design product enables businesses to develop and deploy their AI algorithms, complying with the law’s requirements while retaining confidence in their AI systems across the application, model, and data level.

Assistance with AI Compliance and Auditing

The new law mandates an annual bias audit by an independent auditor. This can be a daunting task, especially for smaller companies without an in-house technical team.

By giving organizations a structured, accountable AI posture, Konfer ensures rigorous compliance with both internal standards and external legal requirements. With a systematic approach to identifying, understanding, and mitigating potential risks associated with AI assets, Konfer offers an invaluable capability to ensure that a company’s AI hiring tools comply with all necessary regulations, including bias audits.

Adapting to Evolving AI Regulations

The passage of NYC 144 is indicative of a broader shift towards regulating AI, with similar bills proposed in other regions. Thus, businesses need a solution that can adapt to a rapidly changing regulatory landscape.

Konfer’s ability to adapt to evolving regulations makes it an ideal companion for businesses navigating this new legal terrain. By keeping users compliant with current standards and updating policies to meet new requirements, Konfer ensures that businesses are always on the right side of the law.

Konfer, with its focus on a Governance-by-Design approach, offers a comprehensive solution for navigating these new regulations proactively.

If you’re looking to take a proactive approach to AI governance that aligns with the latest regulations, explore what Konfer can offer your business. Start your journey towards responsible AI governance and compliance by visiting our 6 Weeks to AI Governance resource page.

Implementing AI governance policies across an enterprise is no small task as it presents several significant challenges that can seem daunting even to the most technologically advanced organizations.

These challenges are far from insurmountable, however. With the right approach and the right tool, enterprises can effectively address these challenges and unlock the full potential of AI.

Challenges in implementing AI governance policies

Apps use many models and data sets. A chatbot for employees may have a very different risk profile than a chatbot for customers. Companies need to understand the entire asset in order to apply different sisk classification methods. An employee app, for example, may need to be compliant with EEOC guidelines while a Finance-oriented credit risk app must comply with the Federal Reserve Board’s SR 11-7. This can make compliance and governance extremely challenging.

Compliance with evolving AI regulations

Governments worldwide are developing new regulations to control AI use. Given the dynamic nature of these regulations and the global reach of many businesses, keeping up can be daunting.

This is where Konfer truly shines. It keeps you in compliance with evolving regulations, adapting quickly to changes. Its robust platform helps you update your AI governance policies to meet current standards, ensuring you’re always on the right side of the law.

Konfer is the only AI governance solution to abstract Al compliance and conformance requirements into measurable controls. If your company is governed by any of the key compliance laws — such as the EU AI Act, the NIST AI Risk Management Framework, and OECD AI guidelines — Konfer can bring visibility into all your AI assets and help you mitigate any potential compliance risks as you deploy and develop AI products.

A 6-Week journey to proactive AI governance

Konfer provides a structured 6-week roadmap that guides enterprises from being reactive to proactive when it comes to AI governance.

Week 1 introduces you to the Konfer Cloud and its AI posture dashboard. It kickstarts the process of improving your AI governance stance.

Week 2 lets you customize your policy controls according to your organization’s requirements, making your AI governance truly yours.

Weeks 3-5 focus on enhancing your AI posture and expanding the discovery of AI assets. It’s a period of steady growth and constant improvement.

Week 6 brings your journey to a close with the validation and visualization of your enhanced AI posture.

Beyond Week 6, you apply a “Governance by Design” approach to your AI ecosystem, maintaining compliance at all levels and staying agile in an ever-changing regulatory landscape.

In just six weeks, Konfer transforms the way your enterprise handles AI governance. Are you ready to begin your journey?
Start here to begin your 6-week journey towards proactive AI Governance.

Artificial Intelligence (AI) is taking the forefront in enterprise Digital Transformation initiatives, but this powerful technology brings with it a new set of governance challenges. Organizations are now having to grapple with the complexities of AI algorithms and rapidly changing regulations that affect how AI is implemented and used. At the same time, they are seeking a structured and accountable way to manage AI’s transformative power.

Enter Konfer, an AI governance solution that can enable enterprises to take a proactive approach to AI governance in as little as 6-weeks.

Konfer’s comprehensive AI governance solution can ensure that enterprises achieve a rigorous compliance stance in line with internal standards and external legal requirements. By systematically identifying, understanding, and mitigating potential risks associated with AI assets, Konfer promotes transparency, security, and proactive AI governance.

Konfer’s 6-Week roadmap to AI governance

Within six weeks, Konfer will take your enterprise from being reactive to proactive when it comes to AI governance. Here’s how.

Week 1: Kickstart your Konfer Journey

In the first week, you’ll start your Konfer experience by exploring the AI posture dashboard featuring pre-seeded assets, policy, and regulatory controls. By delving into root cause analyses for risk factors and answering control questions, you’ll observe real-time improvements in your AI posture.

Week 2: Customize your Policy Controls

In the second week, you’ll personalize your AI governance. You’ll supply bespoke policy documents, and Konfer will work closely with your organization to generate and validate unique controls. These tailor-made policy controls will then be seamlessly integrated into your AI governance structure.

Weeks 3-5: Enhance your AI Posture and Expand Discovery of AI Assets

With your personalized policy controls in place, you’ll see an updated AI posture for your existing assets. Konfer will guide you in continuing to improve your AI posture, generating reports on individual AI assets or your overall AI posture. You’ll also import new AI assets into the Konfer system and, with guidance from Konfer, enable discovery of specific assets from your Machine Learning infrastructure.

Week 6: Validate and Visualize your Enhanced AI Posture

In the final week of the onboarding process, you’ll upload more critical documentation related to your new assets to Konfer. Through a combination of GenAI and manual techniques, Konfer will analyze and answer control questions. You’ll validate the accuracy of these answers and then see the updated AI posture for these assets.

Beyond Week 6: Governance by Design

By week six, you’ll have an overall view of your AI posture. You can now apply a Governance by Design approach to your entire AI ecosystem. You’ll proactively score your AI applications, data, and models to maintain compliance at the app, model, and data level, and adapt to an ever-changing regulatory landscape.

Start your journey towards proactive AI Governance

In just six weeks, Konfer can transform how your enterprise handles AI governance, from the intricacies of deep learning algorithms to the complexities of international regulations.

Ready to begin your journey towards proactive AI governance with Konfer? This isn’t just the future of AI governance. It’s the future of your enterprise.

Jumpstart your 6-week journey to proactive AI governance using this link.

As renowned Stanford philosopher Rob Reich puts it, AI science is akin to an adolescent on the brink of adulthood, possessing incredible abilities but yet to fully develop the mature judgment that tempers its potential risk.

Indeed, AI systems require comprehensive oversight and robust AI governance tools for effective AI risk management. They should be transparent, providing clear insights into their decision-making processes, thus ensuring compliance while fostering trust and confidence.

The Importance of a Single Source of AI Truth

Establishing a Single Source of Truth (SSOT) is a fundamental requirement for achieving transparency, governance, and risk management in AI systems.

A Single Source of Truth is “a philosophy for collecting data from across the enterprise and aggregating it into a central repository.” For AI, an SSOT is a unified database of your AI assets and their usage, encompassing data from the entire AI lifecycle, from development to deployment and optimization.

A Single Source of AI Truth enhances visibility and transparency, which are essential for effective risk management and governance. To leverage this effectively, the SSOT should have automated data aggregation capabilities. This automation will lead to greater efficiency, scalability, and precision needed for risk management and governance in AI systems.

Harnessing Konfer for an Automated SSOT

Konfer provides businesses with a Single Source of AI Truth, automatically collating and organizing data about their entire AI ecosystem — including all AI solutions, models, data, apps, and actionable directives.

Konfer goes beyond data aggregation, however. As the only product to abstract AI compliance and conformance requirements — including the EU AI Act, NIST AI Risk Management Framework, the OECD AI Policies, and more — into measurable controls, Konfer is designed to help organizations successfully adopt a “Governance by Design” approach to their development and procurement process for AI applications. It maps, measures, and manages all AI-powered applications throughout development, deployment, and production.

It also generates a real time Konfer Confidence Score, which enables organizations to stay compliant with all internal standards and external laws by proactively identifying, understanding, and mitigating potential risks.

Konfer generates operational alerts and reports, integrating with an organization’s service management and collaboration systems such as Slack. It enables stakeholders to be alerted to instances of non-compliance and automatically documents the compliance status of AI/ML applications, models, and data to internal and external guidelines, standards, and directives using Konfer Confidence Scores and Cards.

With Konfer, you can have full confidence that your AI systems are well-governed and risks are mitigated, ensuring smooth business operations, enhanced collaboration, and increased regulatory confidence.

Contact us using this link if you would like to get a free demo.

Risk management in AI is a central concern in intelligent enterprise decision-making. According to a study by the Multidisciplinary Publishing Institute (MDPI), AI transparency and effectiveness had a significant impact on employees’ trust in AI-driven decisions.

According to the study, more transparency in AI decision-making enhanced perceptions of its efficacy, which in turn increased trust. In contrast, a lack of transparency led to unease and a subsequent decline in confidence.

AI systems base their decisions on training data. Poor governance and controls can lead to biased, inconsistent, or unreliable AI decisions. This is the critical point where AI trust is at stake.

Fostering AI Confidence by Ensuring Transparency and Compliance

Companies now need to concentrate on fostering AI confidence by making sure their AI systems are understandable, transparent, and fully compliant with both their internal standards and outside regulations from state, regional, and international governing bodies.

Solutions like Konfer can help businesses by automatically mapping, measuring, and managing their entire AI ecosystem.

1. Mapping — allows you to obtain a global view of your AI assets and their interrelationships. With a unified view, stakeholders can collaborate more effectively to identify high risk applications on which controls have to be applied and risk mitigated.

2. Measuring — enables you to aggregate the use and outcomes of all AI assets in the inventory subject to controls. Konfer evaluates AI solutions with industry defined standards, guidelines, and quantified factors such as fairness, robustness, security, and performance to estimate your exposure to additional business risks.

3. Managing — empowers all stakeholders to drive actions by initiating reports, incidents, and cases. With complete visibility of AI assets and the knowledge graph, all stakeholders can manage their business metrics as outcomes of a trusted AI solution.

Enhance AI Governance and Visibility with Konfer

Konfer prioritizes visibility at all stages of AI/ML development by systematically mapping, measuring, and managing your AI ecosystem. As a result, Konfer enables businesses to adopt a Governance by Design approach to their development and procurement process for AI solutions, so they can take a proactive approach to compliance. It enables businesses to improve AI traceability and understanding, empowering business leaders to focus on innovation while managing AI-powered decision-making with clarity and maintaining a competitive edge.

Schedule a demo with us today to discover how Konfer can assist you in achieving AI Visibility, Governance, and Confidence in your AI development and adoption process.

The Federal Trade Commission (FTC) recently sued ed tech company, Edmodo, alleging that it violated the Children’s Online Privacy Protection Act Rule (COPPA) and the FTC Act by collecting personal information from school children without their parents’ consent. Not only did the company collect this data, but it also used it for advertising purposes, clearly contravening COPPA’s guidelines​​.

Edmodo’s platforms and related apps allowed teachers to create virtual classrooms, where they could host discussions, share materials, conduct quizzes, and communicate privately with students and parents. It was found that students, some as young as kindergarten age, had to provide personal information to register, and Edmodo collected additional personal data and device information without parental consent​​.

This case serves as a stark reminder of the essential role that compliance plays in the use of technology, especially when dealing with sensitive data such as children’s personal information.

Edmodo attempted to shift its COPPA compliance responsibilities to teachers and schools, a move the FTC found unacceptable​​. “If you’ve been wondering who bears the bottom-line responsibility for complying with COPPA in the school setting, we’ll cut to the chase: It’s the ed tech company,” writer Leslie Fair states in an FTC blog.

In Edmodo’s case, the proposed settlement includes a $6 million civil penalty, suspended due to the company’s inability to pay, and an order to delete models or algorithms developed using information collected without proper authorization​​.

In light of these events, let’s talk about Konfer, an AI tool that can help enterprises ensure compliance at all levels.

Konfer automates the mapping of all AI applications, models, data, and assets throughout your enterprise ecosystem. One of its key features is the Konfer Confidence Score, a real-time score that allows you to proactively assess all your AI applications, data, and models. With this tool, you can maintain compliance at the app, model, and data level, and stay compliant in an ever-changing regulatory landscape.

Konfer makes the complicated regulatory landscape easier to understand by creating controls from directives and laws, automatically figuring out which factors the controls belong to, and keeping them up to date with changes in the regulatory landscape.

In situations like Edmodo’s, Konfer could serve as a valuable tool in ensuring compliance. The automation and real-time scoring could help identify potential data collection and usage violations, allowing companies to address them proactively. This ability to maintain compliance at every level is crucial in today’s digital world, where data privacy is of paramount importance.

The FTC’s action against Edmodo serves as a reminder that the legal responsibility for complying with COPPA, and indeed all data privacy regulations, ultimately falls on the technology operator​​.

As businesses accelerate their adoption of AI solutions across their entire ecosystem, implementing tools like Konfer can help businesses navigate the legal responsibility of complying with ever-changing regulations while maintaining user trust.

Organizations are looking to accelerate their adoption of artificial intelligence (AI) capabilities but making AI work effectively remains challenging. According to PwC’s recent global Responsible AI survey, only 6% of organizations have been able to operationalize AI, making responsible development and deployment of AI systems more critical than ever.

One key aspect of responsible AI development is effective risk management, governance, and visibility. You can strengthen AI risk management, governance, and visibility by allowing stakeholders to collaborate by mapping, measuring, and managing your entire AI framework — including all AI assets, models, solutions, and their inter-relationships.

Proactive Governance Risk Management
AI systems can pose several risks to organizations, such as bias, discrimination, and erroneous decisions. Collaboratively mapping your AI framework enables stakeholders to identify and mitigate potential risks associated with governance proactively, ensuring the design and deployment of AI systems that effectively reduce governance-related risks.

Effective Governance
Effective governance ensures that organizations design, deploy, and maintain their AI systems in alignment with changing governmental rules and regulations, as well as their own values and principles. Collaboratively mapping your AI framework allows stakeholders to develop governance policies that ensure AI systems align with the organization’s objectives and comply with all current and future regulations.

Improved Visibility
To ensure fair and equitable utilization, transparency and explainability are crucial for AI systems. Collaborative efforts in measuring and managing your AI framework can help stakeholders ensure that the AI systems’ performance metrics are transparent and their decision-making processes are explainable. Improved visibility can help organizations identify and address potential issues, build trust, and improve collaboration.

Organizations that want to foster collaboration and strengthen AI risk management, governance, and visibility can leverage Konfer, the ONLY product that abstracts AI compliance and conformance requirements into measurable controls.

Konfer Confidence Cloud Solution as a Collaborative Tool

Konfer provides an efficient governance framework by enabling stakeholders to collaborate on developing governance policies that align with the organization’s values and principles. It creates controls from directives and laws — including The EU AI Act, the NIST AI Risk Management Framework, OECD AI guidelines, and more — automatically figures out which factors the controls belong to, and keeps them up to date with changes in the regulatory landscape.

One of Konfer’s key benefits is its ability to enable organizations to adopt a Governance by Design approach to their development and procurement process for AI solutions. With a Governance by Design approach, decision makers can proactively score their AI applications, data, and models to: 1) maintain compliance at the app, model, and data level; and 2) stay compliant in an ever-changing regulatory landscape.

Konfer provides another significant benefit by generating a real-time Konfer Confidence Score, enabling organizations to identify, understand, and mitigate potential risks.Konfer maps, measures, and manages all AI powered solutions in use — so legal and compliance officers can easily determine whether these applications generate additional risk to the company upon deployment. Once risks are identified, steps can then be taken to manage and mitigate these risks.

Take charge of your AI development and deployment today with Konfer. Stakeholders can effectively map, measure, and manage their AI framework using its risk management, governance, and visibility features. This collaborative tool is essential for responsible AI development and deployment, ensuring compliance with both internal standards and external regulations, and adopting a Governance by Design approach into your development and procurement process for AI solutions.

Don’t wait any longer to enhance your organization’s AI capabilities and build stakeholder trust — schedule a demo today to see how Konfer can enable you to take a proactive stance on AI risk management and compliance.

According to a recent Ipsos survey, nearly two-thirds of respondents believed they understood artificial intelligence (AI), with 60% mentioning its potential to impact their daily lives in the future. But while AI offers tremendous opportunities to address global challenges like climate change and healthcare, concerns around its accuracy and regulation continue to grow.

Effective implementation of artificial intelligence (AI) in organizations requires comprehensive risk management to ensure its trustworthy and ethical use. AI systems are designed to emulate human cognitive processes while addressing human weaknesses. While AI presents immense potential benefits, it also poses significant risks, such as bias, privacy violations, and security breaches, which can negatively impact trust in the technology.

Effective AI risk management involves identifying and mitigating the potential risks that AI poses, including those related to bias, fairness, security, and compliance with applicable laws and regulations.

The Problem with AI Governance: Proliferating Standards and Proliferating AI

As AI adoption accelerates, so does the proliferation of AI standards and guidelines — introduced by regional, national, state, and industry regulatory bodies — designed to ensure the ethical and responsible use of AI.

Organizations face a formidable challenge in keeping pace with the constantly expanding array of AI standards. Each regulatory body and industry group may introduce their own distinct guidelines, creating a complex compliance landscape that is difficult to navigate.

Compounding this challenge is the exponential growth of AI assets within organizations. As AI becomes more pervasive across different departments and systems, it becomes increasingly complex to maintain an accurate inventory of AI assets and ensure their alignment with the relevant policies and regulations. The decentralized nature of AI implementation often leads to fragmented governance approaches, making it challenging to demonstrate compliance and accountability.

The absence of a unified framework for governing AI operations can hinder organizations from maintaining consistency and ensuring compliance with the most recent standards and regulations.

To surmount these challenges, organizations need a comprehensive solution that effectively tackles the twin issues of proliferating standards and expanding AI adoption. This solution must establish and uphold a bespoke standard that stays up-to-date with all relevant regulations. Additionally, it should automate the discovery of AI assets within the organization to maintain an accurate inventory while seamlessly mapping these assets to the organization’s specific policies and guidelines.

Konfer’s Automated AI Mapping Solution

Konfer is an automated AI mapping solution that prioritizes AI risk management and enables organizations to adopt a Governance by Design approach to their development and procurement process for AI solutions. With a Governance by Design approach, and aided by a real-time Konfer Confidence Score, organizations can proactively score their AI applications, data, and models to: 1) maintain compliance at the app, model, and data level; and 2) stay compliant in an ever-changing regulatory landscape.

As the ONLY solution to abstract AI privacy and compliance laws — including The EU AI Act, the NIST AI Risk Management Framework, OECD AI guidelines, and more — into measurable controls, Konfer allows organizations to leverage the full potential of AI while ensuring compliance.

Konfer can help organizations manage the increasing complexity of data and sources required for decision-making using AI and machine learning (ML) models. It facilitates collaboration between internal and external stakeholders and enhances business operations by providing real-time data insights and streamlining processes. Konfer’s solution offers an efficient and effective way to manage these tasks, enabling organizations to make informed decisions with ease.

Konfer provides a comprehensive repository that stores all AI software assets and their associated elements, including models, AI/ML applications, and data. By providing a comprehensive overview of AI assets, it enables organizations to manage and streamline their AI operations, increasing efficiency and productivity.

The solution simplifies the data transformation process, creates data integrations in just a few clicks, and helps predict and plan for failures, reducing downtime and operating expenses. Konfer’s automated mapping solution provides stakeholders with a unified view of their AI inventory, enabling more effective collaboration and a better understanding of their assets.

Identifying and mitigating potential risks is crucial to effective AI risk management and compliance. By automatically mapping all AI assets, models, solutions, and their inter-relationships, Konfer can help businesses adopt a Governance by Design approach, obtain a global view of their AI and ML assets and controls as they proliferate, aggregate the use and outcomes of all AI assets in their inventory subject to controls, and drive actions by initiating reports, incidents, and cases.

Contact Konfer.AI today to discover how Konfer can enable you to manage AI risk, compliance, and governance.