Most third-party risk lifecycles adhere to a similar pattern: planning, due diligence, contract negotiations, ongoing monitoring, and termination. However, the management and responsibility of these processes differ significantly across organizations. Traditionally, the information security department carried this burden, but recent events like Covid, regional wars, political changes, and socially-focused laws have broadened organizations’ risk perception …
Embracing technological change via automation and artificial intelligence (AI) is no longer optional; it’s a necessity. Delaying AI use in your company can hinder progress and put you farther behind your competitors. However, embracing AI adoption is not without its apprehensions. Your concerns about unknown outcomes and hallucinations are valid but are easily overcome with …
The competition among Large Language Models (LLMs) is just beginning. Who had even heard of LLMs a year ago? Certainly, the early market leader has been OpenAI, but the past few days have shaken things up. With unpredictable swings in leadership and fleeting triumphs akin to the world of sports, the battle for supremacy in …
Generative AI is Accelerating Everything Generative AI (GenAI) is influencing nearly all processes in our businesses and none so much as knowledge management systems. Employees want a better experience and they have found it by already experimenting with GenAI; ask a question, and get an answer. But, the answers and the knowledge delivered to them …
We’ve received a lot of questions and inquiries regarding the recent AI executive order enacted by President Biden. Sam summarized his opinions and what they mean here. He recommends you follow the NIST AI Risk Management Framework for now as the agencies complete their reports per the 90, 180, 270, and 365-day deadlines in the order. …
The Executive Order issued by the White House on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence marks a significant step towards establishing a robust framework for AI governance.¹ As a compliance expert, I recognize the critical importance of this directive in setting clear guidelines and expectations for the responsible development and …
Generative AI vs Predictors and Categorizers Generative AI is hot and has ignited our imaginations. However, it’s important to highlight that there are other AI capabilities, like predictors and categorizers, that can produce significantly more value, particularly in enterprise settings. But, these capabilities aren’t new; they have been around for quite some time and have …
The Pressing Demand for Generative AI in Enterprise Generative AI (GenAI) is promising unparalleled advancements and efficiencies for many types of use cases. Boards and CEOs continue to experiment with the technology and imagine how it can improve workforces and increase throughput. The Wall Street Journal highlights how CEOs are pressuring CIOs and technology leaders …
Is an AI Engineer Worth the Investment? In an era where Artificial Intelligence (AI) is transforming business processes, companies face a significant dilemma: whether to hire expensive AI specialists or pivot towards more cost-effective and scalable options. With industry giants like Netflix offering compensation packages as high as $900,000 for AI Product Managers, the perceived …
OCC Interagency Guidance on Third-Party Risk Management Amidst government inefficiencies, it’s worth commending US banking regulators for their ongoing efforts to simplify and consolidate guidance and regulations related to third-party risk management. Earlier this year (June 2023) The Office of the Comptroller of the Currency (OCC) issued its final Interagency Guidance on Third-Party Relationships: Risk Management. …
