Tackling ML Risk Management and Mitigation
Operationalizing artificial intelligence and machine learning will bring a lot of new risks for companies. Companies will have to do clever risk mitigation, governance, and responsible AI to ensure that they are always on top of potential problems that these algorithms could cause. AI risk will only grow as this technology gets implemented into more pieces of our modern world. For example, we now see AI algorithms be implemented in the banking and financial sectors.
Putting these technologies into core parts of our world means that we have to ensure that the interactions with these technologies are fair for everyone. ML risk is another thing that has gone up with time as well. It will take responsible AI and risk mitigation on a level that only financial institutions know about to succeed. However, the beauty of this is that people are now coming up with modern approaches to getting the results you want in terms of governance and risk mitigation.
The Risk AI Brings to the Table
AI is bringing many new risks to the table that were previously unforeseen. Effective implementation will require organizations to completely shift how they think about risk management, responsible AI, and AI governance. Governance is tricky because companies will also have to work around the various governmental regimes currently in effect.
You never know when a new law comes into play that can affect your entire organization. It means you have to be ahead of the curve by predicting where it will be and making crucial decisions that keep you out of trouble. Automation and democratization of AI are also making it more important than ever for companies to understand AI risk and ML risk. Certain things like bias will also play a huge role in how risky AI becomes to companies in the future.
Compliance Risks
Legal compliance will become a major issue as AI becomes deeply embedded in certain industries. On top of that, many people will want to understand how explainability can influence their IT operations. Risk mitigation in that aspect will be a crucial component going forward as well. Your ML risk and AI risk will need to be managed to ensure that good AI governance occurs.
Major industries like finance will need these tools integrated relatively quickly. It will also become more important as AI automates other functions in our society. Good AI governance will be needed to ensure that people can have faith in the system that depends on them to survive.
Oversight and Effective Governance
Given that massive shift, we will need to see technical and non-technical people understand the AI landscape. They will need to understand how risk mitigation, in terms of responsible AI, can be done effectively. They will also need to understand what governance regimes need to be put into place to ensure they get to equal outcomes for everyone.
The good news is that many tools are being developed to help facilitate AI risk and ML risk management in a way that will be quite effective going forward. Tools like what you get from xpresso.ai go a long way in ensuring that operationalizing AI becomes easy.
Originally published at https://xpresso.ai on March 16, 2022.
