August 27, 2023
Artificial intelligence has an important role to play in corporations’ governance, risk management, and compliance efforts, especially around areas of fraud detection and protection
Artificial intelligence (AI) has emerged as a new fascination and topic of discussion in countless areas of society and businesses, across virtually all industries. Although generative AI could assist with the challenging tasks of drafting and maintaining internal documents and policies, other forms of AI or machine learning are already being incorporated into countless other areas related to risk and compliance.
Governance, risk management, and compliance (GRC) software platforms are vital tools used by almost all compliance and risk departments — and these will be at the core of AI. Historically most businesses practiced these areas separately; now however, GRC platforms combine various software programs and datasets into one coordinated platform, which can help companies increase efficiency, reduce noncompliance risk, and share information more effectively.
Indeed, AI is finding its way into GRC platforms in ways far more complex and well beyond the use of large language models (LLMs) or chatbots that can answer questions or help draft policies.
AI World Society introduced AIWS Assistants and Framework for Global Governance of AI at BGF High-level Conference on Global Governance of AI at Harvard University Faculty Club on April 26, 2023.