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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