Navigating Governance, Risk, and Compliance in AI-Driven Data Management

Digital landscapes don't stop evolving and changing with business operations benefiting from the introduction and integration of AI. However, as Spiderman said... "with great power comes great responsibility"

As businesses grapple with learning the potential of AI, there has to be a thought on how to address governance, risk, and compliance (GRC) surrounding data management. AI applications need to remain ethical, secure, and compliant.

At Argenti , we’re looking for the best way to enable our customers to benefit from the many things that AI can bring to an organisation whilst keeping GRC front of mind. Innovation is key to business to keep relevant and ahead, looking for new tools and ways to harness data is an obvious place to start to find innovation and build on however some of the below information are paramount when starting out.

Governance: Establishing a Robust Framework

We believe that effective governance (not just governance!) is the cornerstone of any successful AI implementation. Setting up a structured framework that defines the policies, procedures, and standards for data management is key. I've talked a few times in other posts about Frameworks, this cant be over emphasised on its importance. Some elements of the framework should be:

• Data Quality and Integrity: Regular audits help to validate that the data used for AI is accurate, complete, and reliable.
• Accountability and Transparency: Role definition helps with confirmation of responsibilities within your organisation. Sharing the AI decision-making processes can help to build trust.
• Ethical Considerations: Guidelines for ethical use of data can prevent biases and ensure that AI applications align to company values.

Risk Management: Identifying and Mitigating Potential Threats

New risks emerge with the use of AI that need to be understood and proactively managed. Don't be scared of the risks, they can be approached logically. Risks range from data breaches to biases. Having an effective risk management strategy is no longer a nice to have, it is a priority. Strategies to enable risk management include:

• Risk Assessment: Thorough risk assessments identifying potential vulnerabilities in systems and AI systems.
• Data Security: Robust security measures protect sensitive data from unauthorised access and cyber threats.
• Bias Mitigation: Review and test regularly the AI algorithms to identify and mitigate biases.

Compliance: Adhering to Legal and Regulatory Standards

Legal and regulatory standards are another non-negotiable. As AI technologies evolve, so do the regulations governing their use. Keeping on top of these regulations can be hard! Thankfully there are ways for this to be made easier for you. Some key compliance considerations include:

• Data Privacy Laws: Ensuring compliance with data privacy regulations such as APP, GDPR, CCPA, and other relevant laws. Including obtaining proper consent and ensuring data subject rights.
• Regulatory Reporting: Keeping across of regulatory changes and up to date on any reporting and documentation to regulatory bodies.
• Third-Party Compliance: Third-party vendors and partners have potential to be a source of risk, they must also adhere to compliance standards.

?

Integrating AI into business operations offers immense potential for innovation and efficiency, don’t stifle it. It is crucial to address GRC needs surrounding data management to ensure that AI applications are ethical, secure, and compliant. By establishing a robust GRC framework, businesses can not only mitigate risks but also build trust and credibility with their stakeholders.

?

Contact me to hear more about our approach and see if we can help you to unlock the true power of your investment and environment.

?

Argenti , founded in 2010, previously known as ICM Consulting and built on an insatiable thirst to solve complex.

We are Data and Application Architects. Our team leverage Enterprise Architecture to enable outcomes that drive efficiencies and optimisation. We automate the mundane an unshackle your team from low value work. We provide you the ability to do more with less.