In a September 2023 Gartner survey, 70% of legal, compliance, and privacy leaders reported rapid GenAI adoption as a top issue.
In fact, AI technology-related risks saw the largest increase in ranking in the just-published World Economic Forum Global Risks Report.
However, according to a November 2023 iluminr survey, only 20% of organizations are confident they have a clear framework governing AI risk today.
Here are five ways to stay ahead of AI risk.
1. Create a Model for Responsible Use
Develop a framework for the responsible use of AI, including GenAI. This involves establishing guidelines to prevent biases, ensuring transparency in AI decision-making processes, and considering the organizational impacts of AI deployment. Regularly audit and review systems for compliance, including those in use by third parties.
2. Enhance Cybersecurity
With more sophisticated technology, the potential for cyber threats also rises, particularly as social engineering attempts and misinformation and disinformation campaigns become more difficult to spot. Stay informed about the latest cybersecurity trends and threats, especially those targeting AI and other emerging technologies, updating employee training regularly.
3. Ensure Data Privacy and Regulatory Compliance
As AI systems often process large volumes of data, it’s critical to have strong data governance policies in place. Regularly update these policies to reflect changes in technology and regulations.
4. Build Workforce Capability
Leverage tools like Microsimulations to help your team better identify and understand the risks and opportunities presented by new and evolving technology, promoting responsible and compliant use. Evolve controls and training strategies based on learnings.
5. Assess and Manage Strategic Risks
Regularly assess and update your strategy to account for the rapid evolution of technology. This includes identifying potential vulnerabilities introduced by new technologies, assessing the impact of these risks, and developing response strategies.
By adopting these strategies, organizations can mitigate the risks associated with the increasing adoption of emerging technology, including GenAI, and harness its benefits more safely and effectively
Author:
Paula Fontana
VP, Global Marketing – iluminr
