The Importance of AI Risk Management and Compliance: How Konfer’s Automated AI Mapping Solution Can Help

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.