Bracing For New AI-Fraud Risks

Compliance officers spend lots of time these days worrying about how their own company's use of artificial intelligence might draw the ire of regulators, but you have another dimension of AI risk to worry about, too.

You need to worry about how others might use AI against your company.

Specifically, the U.S. Justice Department recently warned that businesses must anticipate the risk of fraudsters using AI to dupe your organizations into some sort of scheme – and then you'll need to modify your existing processes and controls to keep pace with those new, AI-enhanced fraud risks.

Think about how that will need to work in practice. Compliance officers will need to collaborate with internal audit or anti-fraud teams to assess risk; and work with IT departments to develop better controls and processes; and coordinate with business functions across the enterprise to put those new controls and processes into effect.