However, some industries, such as financial institutions, are using AI for fraud detection and other issues. These early adopters may set the tone for AI compliance practices. There is no doubt that AI is an incredible force. Show more +
However, some industries, such as financial institutions, are using AI for fraud detection and other issues. These early adopters will likely set the tone for AI compliance practices. There's no question that AI has great potential.
The hype around AI is just that: hype. Until there is more certainty about AI technology, the hype will continue. But that aside, company boards, senior management, and business developers need to exercise caution until the noise dies down.
The AI industry is evolving rapidly, so the earlier you start focusing, the more agile you can be.
Fortunately, ethics and compliance principles can be easily adapted to AI risks.
In this episode of “Corruption, Crime and Compliance,” Michael Volkov explains how compliance professionals are well equipped to build effective compliance programs around AI operations.
• Financial institutions are leveraging AI for issues such as fraud detection and are at the forefront of developing compliance practices around AI.
• Companies need to embrace the potential of AI and not get overwhelmed by the hype. Company boards, senior management and business developers need to err on the side of caution until the noise dies down.
• The AI industry is evolving rapidly and companies need to stay focused on the present. Just like technology, compliance must be agile and fast.
• Like any aspect of business, new technology carries risks. AI in particular carries risks that must be mitigated. This raises the question: How should companies structure their AI risk and compliance programs?
• AI can be a very productive tool. It can easily reduce costs and
Increased efficiency. More efficient businesses contribute to a larger economy and create new opportunities for growth.
• Financial institutions, technology companies, pharmaceutical, medical device, and transportation logistics industries are likely to be significant users of AI technology.
• The use of generative AI can increase the risk of fraud, so risk mitigation costs and capabilities must be built in.
• Compliance professionals have the intelligence, expertise and integrity to rise to the challenges of AI technology and embrace third parties. Show less –
