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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2022-11-09T12:59:00
Dealing with risks relating to artificial intelligence (AI); diversity, equity, and inclusion (DEI); and shortfalls in staff, training, and expertise are set to be among the biggest challenges for compliance officers in 2023 and the years ahead, say practitioners.
Speaking as part of a panel discussion on compliance readiness for 2023 and beyond at Compliance Week Europe in Edinburgh, Scotland, in late October, Yaara Alon-Redl, head of legal EMEA at tech firm Jellysmack, told attendees compliance functions will need to better understand the risks inherent in the AI systems they use and ensure their organizations have plans in place to mitigate them before they cause harm.
“The problem with AI is that it relies on historic data to inform decisions today,” said Alon-Redl. “This can produce results that are sexist and racist or potentially biased in some other way. Compliance officers need to be aware of the risks and how they can be mitigated.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2023-05-09T18:14:00Z By Aaron Nicodemus
Goldman Sachs agreed to pay $215 million to settle a class-action lawsuit that accused the bank of pay and advancement discrimination against female vice presidents and associates.
2022-11-10T15:20:00Z By Neil Hodge
Companies are continuing to fail in their efforts to improve environmental, social, and governance reporting, while compliance functions are finding it tough to keep up with demands for better assurance in the area, according to experts.
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For all the hype surrounding generative artificial intelligence, the technology has been met with a healthy skepticism in the compliance community. Compliance practitioners want to know: Is it safe? Can it be deployed ethically? Are the risks greater than the rewards? And what should an AI acceptable use policy contain?
2024-10-11T19:20:00Z By Neil Hodge
Companies are increasingly putting their faith in AI to realize the kind of business benefits that the technology seems to promise, but they are also opening themselves up to new and potentially crippling sanctions if they are unable to answer questions that surround how AI operates.
2024-08-22T15:32:00Z By Amii Barnard-Bahn
Artificial intelligence is rapidly transforming the business landscape, and this is especially true for anyone working in compliance. But while AI offers immense potential to streamline processes, enhance decision-making, and mitigate risks, it also introduces a new set of challenges that compliance professionals must navigate.
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