AI and Compliance: Finding the Sweet Spot to Balance Benefits with Risk
The informative article explains the advantage of leveraging the improved analytics and automation capabilities of AI to streamline compliance efforts.
eMazzanti Technologies, a NYC area compliance expert discusses the benefits and risks posed by the intersection of AI and compliance. The informative article explains the advantage of leveraging the improved analytics and automation capabilities of AI to streamline compliance efforts.
At the same time, the author warns that AI also introduces significant compliance risks in the areas of cyber security, transparency, and protection of sensitive data. He concludes by suggesting several best practices that organizations should adopt to safely manage AI and compliance.
“AI presents a double-edged sword for compliance. To balance impressive AI benefits with significant risks, businesses must take a holistic approach that combines information governance with cyber security, monitoring, and robust training,” explained Greg Smith, Vice President of Services Delivery at eGovernance.
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Below are a few excerpts from the article, “AI and Compliance: Finding the Sweet Spot to Balance Benefits with Risk.”
Improved Analytics and Automation Strengthen Compliance Efforts
“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
“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.”
Best Practices for Effectively Managing AI and Compliance
“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.”
Build a Comprehensive and Agile Data Compliance Strategy
In a rapidly evolving data landscape, businesses must be prepared to adapt strategies to address new technologies and complex regulations. By implementing a compliance solution designed to meet today’s data challenges, organizations successfully navigate the risks and opportunities posed by AI.
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