On March 13, 2024, the European Parliament approved the world’s most comprehensive legislation yet on artificial intelligence. This marks a turning point for AI, after a year of debate about the potential harms to society as this incredible technology unfolds.
At Credo AI, we believe that AI is the ultimate competitive advantage for modern enterprises. At the same time, without guardrails AI can backfire — whether it’s shutting down costly facial recognition systems, or dealing with out of control LLMs that send stock prices into a tailspin. Public AI pitfalls have led to rapidly eroding trust in AI, with 52% of Americans believing AI is “not safe or secure”.
How do you establish trust and safety in AI? Unfortunately, for systems as complex and powerful as AI there is not just one box to check.
Ensuring an AI system is safe for organizational use — whether built, bought, or procured — requires continuous oversight, in the form of AI-specific Governance, Risk, and Compliance (GRC) workflows.
Wait — GRC for AI?
Yep!
For years, GRC processes have been a safeguard of rapid technological innovation, helping enterprises reap the benefits and mitigate the harms of new technology.
Credo AI is the first and only enterprise GRC for AI platform.
What is GRC for AI?
Governance, Risk, and Compliance for AI is the process of managing AI systems to align with business goals, mitigate risks, and meet all industry and government regulations.
On the heels of the groundbreaking EU AI Act, which some might say puts the “C” in GRC, we are thrilled to introduce a set of features that help streamline GRC for AI workflows. These features empower AI Governance Custodians to fulfill the jobs to be done in GRC for AI — including those specific jobs articulated in the EU AI Act. This will ensure AI governance requirements are met quickly and efficiently, so enterprises can continue to rapidly scale and adopt AI while building trust with their customers and the public.
Read on to learn exactly what these features are, and the jobs to be done in GRC for AI.
Streamline Your Governance Plan
Our new Governance Plans consolidate all the independent decisions and changes made to ensure AI systems are safe for use. In a single governance pane, see an overview of risks, mitigations, compliance requirements, accountable stakeholders, and due dates for each governance task. Along with the new Governance Status, this enables AI Governance Custodians to easily understand their organization’s plan to ensure risk is mitigated and compliance requirements are met at the individual AI Use Case level.
Streamline Compliance to the EU AI Act
Starting today, our EU AI Act Readiness offering is supercharged with an out-of-the-box intake questionnaire that helps you quickly and easily identify which of your AI Use Cases are in scope with the approved EU AI Act, and which requirements specifically apply to each of your Use Cases.
Additionally, we now have EU AI Act Policy Packs available to support you in gathering the evidence needed to prove compliance to this groundbreaking legislation.
Request a demo of our EU AI Act solution to get more information.
Triggers & Actions to Streamline GRC for AI
Trustworthy AI won’t happen without GRC, and GRC won’t happen without speed.
At Credo AI, we are investing heavily in automated and AI-powered features that streamline the jobs to be done in GRC for AI.
We’re thrilled to add Triggers & Actions to our platform, enabling AI governance teams to define specific “if this, then that” automation conditions for AI Use Cases that will facilitate intelligent and efficient routing of Use Cases to governance requirements during Use Case Intake.
GRC for AI Fit for the Future
The EU AI Act final vote was approved with an overwhelming majority. The writing is on the wall, that governments will require AI compliance given the many risks to society it presents.
However, when it comes to AI, getting compliant is more than just checking a box. It’s a matter of safety — safety for your company, your customers, and the public. Unlike algorithmic decision-making we are used to, AI has the potential to become increasingly autonomous with increasingly unpredictable outcomes. And it is being embedded into our highest-risk industries that fundamentally affect human lives, like credit intermediation, pharmaceuticals, hiring, or life insurance.
AI is poised to disrupt the global economy and society. Organizations that invest in GRC for AI can ensure they are on the winning side of that disruption.
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More Resources
- For a full list of the new features, read our March 2024 Release Notes.
- To better understand the jobs to be done in Governance, Risk, and Compliance for AI, watch our on-demand webinar.
DISCLAIMER. The information we provide here is for informational purposes only and is not intended in any way to represent legal advice or a legal opinion that you can rely on. It is your sole responsibility to consult an attorney to resolve any legal issues related to this information.
