To implement an effective AI governance strategy, an organization should first set up a governance committee responsible for ongoing monitoring, evaluation and auditing of AI systems to ensure adherence to its strategy and existing policies and controls. The AI governance committee should include legal, technical and business representatives and work to establish a framework that addresses the potential risks related to use of AI. The organization should then identify the systems that it uses and/or develops and assess the specific risks and implications of the AI applications it has identified. Also key to an AI governance program is an AI acceptable use policy that articulates the organization’s guardrails for AI adoption. This proactive approach not only mitigates risks but also builds trust with customers, partners and regulators by demonstrating a commitment to responsible AI practices.
For organizations subject to the EU AI Act and other targeted laws, implementing an AI governance strategy may also be a legal requirement.