May 7, 2024

The Benefits of Using a Responsible AI Platform to Facilitate AI Governance

Responsible AI is a complex undertaking and a multi-stakeholder endeavor. A robust, purpose-built Responsible AI platform can help your organization remove some of the layers of complexity that undoubtedly come with such a project, and bridge the chasm that often sits between technical AI practitioners and the diverse range of business executives that work to manage AI risk and compliance.

Translating all the technical metrics - the language of data scientists and Machine Learning engineers - into business-friendly risk and compliance insights is no small feat, but ultimately necessary to build a practical framework for AI governance that can bleed into a broader map of policy and business requirements.

The Cost of Doing Nothing is Now Higher Than Ever

For those organizations that already have a program in place, Responsible AI will become an essential brand differentiator and source of competitive advantage. Laggards, on the other hand, will have to pay the cost of doing nothing, and it might be more than expected.

Not only are we talking about the technical implications of not fully understanding your AI - like unsatisfactory performance or security vulnerabilities, but also about a company’s organizational ethics and risk culture, and the way employees, end-customers, and corporate clients perceive a brand.

The ethical environment is increasingly volatile and expectations have increased for businesses to address societal concerns. Reacting is no longer enough.

The Benefits of Using a Responsible AI Platform

While Responsible AI is still in its nascent phase, there is a growing number of software available to support your work in this direction.

Below, we have included an overview of all the ways in which a purpose-built Responsible AI solution can benefit your organization.

Understand Your AI

Most Responsible AI platforms are (or should be) grounded on a foundation of AI explainability (XAI). In order to make your AI fair, ethical, compliant - you first need to understand how it works. A purpose-built platform, grounded on explainable AI techniques will allow  you to look behind the curtain of complex models, and understand how and why they have reached a specific decision.

The benefits of Explainable AI

Get Comprehensive Analytics About Your AI Model

On top of allowing you to understand how your AI works, a robust Responsible AI platform should be able to offer you a 360° visibility into your model, by performing technical tests related to AI fairness, security and resilience, validity and reliability, data integrity, and more.

Enhance Model Performance and Efficiency

This benefit comes as a direct result of the technical evaluation and understanding of the AI model. Once the black box is opened and the improvement points are clearly visible, teams can optimize model performance by identifying and addressing potential biases, improving accuracy, and reducing errors. This can lead to enhanced operational efficiency and cost savings.

AI risk verticals

Manage AI Risk Effectively

A Responsible AI platform can give you a complete oversight of all the high-, medium-, and low-risk areas of your model by providing various frameworks for mapping and measuring AI risk against the results of the technical evaluation understructure, thus empowering you to take the necessary steps towards mitigation. This can greatly facilitate the work of Risk & Compliance officers.

Effective AI risk management

Ensure Ethical and Regulatory Compliance

On the grounds of the risk management functionalities described above, a Responsible AI platform can also facilitate compliance with ethical and legal standards. This being said, the effectiveness of this capability will depend on whether the platform has integrated the various regulatory and policy frameworks that impact AI, and whether or not the roadmap includes continuous updates based on the ever-changing regulatory environment.

Building Trust and Deploying AI Faster

The bottom line of using a Responsible AI to implement an enterprise-wide Responsible AI program, is that it helps you to earn the trust of customers, employees, and stakeholders by demonstrating a commitment to ethical and responsible AI practices. In turn, this will increase AI time-to-value, by speeding up AI adoption. Moreover, Responsible AI is also bound to lead to increased customer loyalty and positive brand image.

As you can see, a robust Responsible AI solution should be a cross-functional and multi-stakeholder collaboration platform that empowers all the players that strive to bring Responsible AI to life within their organization.

Responsible AI stakeholders

Future-proof your AI

The outlook for Responsible AI appears promising. With the constant advancement of technology, organizations are recognizing the significance of ethical AI and implementing it into their operations.

As technology progresses, companies will increasingly rely on Responsible AI to create secure, trustworthy products that benefit both their customers and the world.

While the potential for AI to be misused or exploited is a serious concern, AI also presents numerous benefits for society and individuals. Therefore, it is vital to remember that AI is only as harmful as the intentions of the ones using it.

Lumenova AI is the Home of Trusted AI

The most comprehensive Responsible AI Platform on the market, Lumenova AI combines deep risk management knowledge and in-depth technical assessments in a single platform, giving enterprises the only platform they need to easily evaluate, manage, and mitigate AI risk.

The benefits of using Lumenova AI

Automate, simplify, and streamline AI governance with Lumenova AI. Request a demo to see it in action.

Make your AI ethical, transparent, and compliant - with Lumenova AI

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