The two main technologies that are disrupting the Compliance industry today are Artificial Intelligence (AI) and Machine Learning (ML). What are the implications of these developing technologies for Compliance professionals?
We consulted the ChatGPT AI and this was their response:
Compliance in relation to artificial intelligence (AI) refers to compliance with regulations and ethical standards in the development and use of AI systems. This includes the protection of personal data, transparency in decision-making by AI systems, accountability for results, and ensuring that systems do not discriminate against or cause harm to individuals.
In the digital age, AI systems are being used in a wide range of industries, from healthcare to banking and finance. Due to their ability to process large amounts of data, these systems can help make more efficient and accurate decisions, but they also pose privacy and ethical challenges.
That is why AI Compliance is essential to ensure that these systems are used in a responsible and ethically sound manner. This may include implementing policies and procedures to ensure data privacy, transparency in decision-making by AI systems, ensuring non-discrimination, and accountability for results.
In addition, AI Compliance can also include auditing and monitoring of systems to verify their compliance with applicable regulations. This can help prevent negative consequences such as penalties, fines, and loss of public trust.
In short, AI Compliance is essential to ensure that systems are used responsibly and ethically. By complying with regulations and ethical standards, you can protect the privacy and rights of individuals, and ensure that AI technology contributes positively to society.