Compliance risks relate to the potential of enterprises violating existing laws. Regulatory risks relate to the potential changes in laws that could impact enterprises in the future. These compliance and regulatory risks are increasing as Artificial Intelligence (AI) driven solutions make their way into the mainstream of enterprise solutions (to recognize real world objects, speeches, images; writing computer programs, stories; creating arts, or even making machines dream like humans). An important aspect of these AI-driven solutions is training computing machines with vast amounts of real-world data, which could be unstructured or even unreliable. Because of these complex datasets and engineering pipelines built to extract features for AI training, these AI-driven solutions are prone to errors leading to compliance and regulatory risks such as adherence to existing privacy, disability, anti-racism, and other laws of the land.
Furthermore, enterprises may depend upon AI-driven solutions built by third-parties without much control over them; hence exposing the enterprise to additional risks. While insufficient or lacking control systems result in compliance risks that are easy to mitigate, it is more difficult to mitigate regulatory risks, especially in the case of AI-driven third-party solutions.
In this virtual session, we'll first review various areas of AI that are transforming businesses, and then look into various risks from AI-driven solutions. We’ll then devise various strategies for mitigating regulatory and compliance risks to enterprises from AI-driven solutions.