AI Governance for Generative AI

Large Language Models (LLMs) and Generative AI, in general, have the potential to revolutionize work, drive operational efficiencies, and improve decision making. But the risks associated with using this rapidly evolving technology are massive.

Regulation, risk, and opportunity are driving AI Governance readiness.

Generative AI is increasing the scrutiny of AI and other analytics models from corporate boards to team leads. Genuine potential, misinformation, and real-life data privacy and IP leaks into ChatGPT are driving the urgent need for model governance to mitigate the financial, brand, legal, and regulatory risks that LLMs pose. Furthermore, there is unprecedented support from academic institutions, governments, technology vendors, and citizens for regulations that provide guardrails for the safe and humane use of AI. From the EU Artificial Intelligence Act to the US NIST AI-Risk Management Framework and industry-specific guidance such as the Canadian OSFI E-23 Extensions for AI, the regulations will only continue to expand and evolve.

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