The AI revolution is transforming the way businesses operate, driving innovation and reshaping the workforce. These emerging technologies have profound implications for regulatory compliance, as well. Understanding both the benefits and risks at the intersection of AI and compliance will help organizations adopt an agile approach to compliance management.
Improved Analytics and Automation Strengthen Compliance Efforts
Through analytics and automation, AI proves a game-changer for regulatory compliance. For instance, in a constantly evolving compliance landscape, organizations struggle to keep track of regulatory changes.
AI-enhanced tools bring the ability to analyze large and diverse data sets such as industry regulations, privacy laws, internal policies, and contracts. Using natural language understanding and semantic analysis, AI can help organizations identify relevant regulations and map their internal policies and procedures accordingly.
Additionally, AI allows the automation of tedious tasks such as data collection and classification, reporting, and compliance monitoring. Automating these tasks improves both speed and accuracy. It also helps compliance officers find and track data on multiple platforms throughout the organization.
Unique Risks Necessitate Updated Strategies
However, AI also poses new compliance challenges that require a proactive approach. In the first place, AI and machine learning rely on large amounts of training data. To avoid bias and ensure effective decision-making, companies must ensure these systems have access to accurate, complete, and relevant information.
At the same time, the data used for AI training models may contain sensitive or personal information. Organizations need to adjust policies and procedures around data collection, storage, and use to make sure sensitive data remains compliant.
The rise of AI also introduces new cyber security risks. AI-powered cyber-attacks greatly increase the risk of successful phishing attempts and data breaches. To demonstrate compliance, companies must be able to show that they have implemented appropriate security measures to counter these evolving threats.
Finally, compliance requires transparency and accountability. While automation delivers key benefits, it requires human oversight. Organizations will need to disclose their use of AI systems. They must also be able to explain the logic, methods, and limitations of their AI systems to outside regulators.
Best Practices for Effectively Managing AI and Compliance
To leverage the benefits of AI while providing data security and transparency, businesses should adopt a holistic approach. For example, they should:
- Strengthen information governance with AI in mind – Effective AI depends on huge amounts of high-quality data. More than ever, businesses must know where their data lives and what their data contains. And they must carefully control AI access to data based on sensitivity and regulatory requirements.
- Adjust cyber security policies and procedures as necessary – Cyber security strategies need to account for emerging AI-powered cyber threats such as deepfakes. Additionally, security teams must guard against threat actors that attempt to manipulate AI algorithms and corrupt the data that feed them.
- Implement regular audits and compliance monitoring – Regularly audit AI systems for potential vulnerabilities. This may include adjusting algorithms to accommodate regulatory requirements. Continuous compliance monitoring should include policies specific to data usage for AI.
- Provide robust training – Businesses should provide effective training to staff on the principles, practices, and implications of AI projects. For instance, employees need to understand the potential for bias and other ethical issues. And they need to understand how to recognize and remedy potential problems with AI systems.
Build a Comprehensive and Agile Data Compliance Strategy
AI introduces new vistas in a constantly changing data environment. For compliance, it presents a double-edged sword. On the one hand, AI can streamline compliance efforts and allow organizations to effectively manage and monitor data at scale. On the other hand, AI introduces increased security risks and complicates compliance efforts.
eGovernance compliance solutions provide critical data visibility and control throughout the organization. They simplify data classification and compliance monitoring and provide critical transparency. Combined with comprehensive data security from eMazzanti, eGovernance delivers the peace of mind businesses need.
eGovernance Compliance Solutions
eGovernance addresses the requirements of organizations to provide regulatory compliance as well as those organizations wishing to monitor and assess compliance with their own internal policies. Compliance and Security officers can monitor for sensitive content and take action to eliminate or mitigate potential threats or liabilities.