But the requirement has posed some compliance challenges. Unlike familiar financial audits, refined over decades of accounting experience, the AI audit process is new and without clearly established guidelines. Our Morning Risk Report features insights and news on governance, risk and compliance. "There is a major concern, which is it's not clear exactly what constitutes an AI audit," said Andrew Burt, managing partner at AI-focused law firm BNH. "If you are an organization that's using some type of these tools…it can be pretty confusing."

Artificial intelligence has become an integral part of the day-to-day operations across most industries. And in great part, AI can be credited with condensing vast amounts of data into something more usable. But as companies come under greater public scrutiny for how algorithms are influencing corporate behavior, the question of how to ethically apply artificial intelligence is top of mind for commercial insurance leaders. Ethical use of technology is "not a problem that's exclusive to AI," Anthony Habayeb, founding CEO of Monitaur, an AI governance company, said. "Corporations have their corporate governance and need to have their opinion of what sort of ethics and practices they bring into the market as a company. And those principles should be implemented in their AI, software and practices overall," he explained.

We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Artificial intelligence (AI) governance software provider Monitaur launched for general availability GovernML, the latest addition to its ML Assurance Platform, designed for enterprises committed to the responsible use of AI. GovernML, offered as a web-based, software-as-a-service (SaaS) application, enables enterprises to establish and maintain a system of record of model governance policies, ethical practices and model risk across their entire AI portfolio, CEO and founder Anthony Habayeb told VentureBeat. As AI deployment accelerates across industries, so have efforts to establish regulations and internal standards that ensure fair, safe, transparent and responsible use of this often-personal data, Habayeb said. "Good AI needs great governance," Habayeb said.