AI technology is everywhere. It’s no longer a question of whether AI is necessary but how quickly, effectively, and responsibly it can deliver value.
As enterprises begin to introduce different AI solutions into their environments, establishing strong AI governance and policy will be more critical than ever. To responsibly leverage AI such as Terzo’s contract intelligence platform, enterprises must build an internal AI policy to evaluate new solutions for risk and reward.
At Terzo, we are working in collaboration with experts in AI governance and policy to bring our customers the best information and instructions on creating an AI policy and governance committee. Terzo CEO Brandon Card sat down to discuss AI governance and policy with X. Eyeé, Senior Policy Advisor for the Goldman School of Public Policy at UC Berkeley and CEO at Malo Santo Consulting.
This conversation provides insight into how enterprises can use AI responsibly, create an internal governance committee, and begin to build their AI frameworks and policies.
Create a Governance Committee
Establish a committee to oversee AI policies, evaluate risks, and enforce ethical standards. This committee should be made up of leaders within your enterprise, as well as those who work with AI daily. Once this committee is established, they can oversee the creation of your AI policy.
Establish responsible AI principles
Ensuring your company uses AI responsibly is critical. Understanding the principles of responsible AI use is the first step to analyzing potential AI solutions.
Responsible AI use considers:
Fairness: Ensuring equal performance for users across different identities, cultures, and geographies.
Transparency: Understanding why AI models make certain decisions and providing appropriate explanations to end-users within your enterprise.
Trust: Reliable AI does what it’s supposed to do, and acknowledges fallibility when the system isn’t working properly.
Safety: Addressing both individual privacy and security against unintended use and malicious attacks.
These principles provide a guide for AI use within your entire enterprise.
Implement a risk assessment process & risk frameworks
Each AI solution in consideration should go through a rigorous risk assessment. Examine and evaluate the intended and potential unintended uses of the AI systems. Create risk treatment plans to address identified risks and challenges.
Conduct AI system impact assessments
Analyze how AI systems will affect users across your entire enterprise. Combined with the risk assessment and treatments, these tests will ensure that your enterprise uses AI responsibly. Standards like ISO 42001 offer a framework for establishing, implementing, maintaining, and continually improving an Artificial Intelligence management system within organizations.
Buy-in from Leadership
Once you have created your AI policy based on the principles of responsible AI use, risk assessments and treatments, and system impact analysis, getting buy-in from leadership is essential. This endorsement ensures the policy will be adopted company-wide, with the resources necessary to offer educational summits, workshops, and professional development courses. Your entire enterprise should be educated on the importance of AI policy and governance to responsibly use AI across the organization.
An effective AI policy ensures that AI initiatives are aligned with business goals and compliance requirements. This policy can set the foundation for building trust, minimizing risk, and maximizing the impact of AI technologies.
At Terzo, we are dedicated to helping enterprises adopt AI technology and ensure that your investment in AI technology is efficient, safe, and responsible.
To learn more about how Terzo is paving the way for enterprise AI, contact our team for a free consultation.
