Generative AI Risks: Legal And Compliance Insights - Part 2

The Bottomline: Five Practical Steps for Generative AI Risk Management

As the first line of defense, employees within business operations must own and manage risks related to the business, including risks resulting from the use of generative artificial intelligence (AI) and emerging technologies, to achieve organizational objectives. However, it is incumbent on the compliance function, as the second level of defense and connective tissue within an organization, to evaluate and enhance compliance processes and controls to effectively identify and mitigate emergent AI-related risks. While many of the specific risks that generative AI systems pose to companies are heavily context/industry-specific, we outline below five overarching practical steps that companies adopting these technologies should consider implementing to right-size their compliance program for changes in the organization's risk profile due to generative AI: