Home / Publications / Make AI a competitive advantage by creating trustworthy...

Make AI a competitive advantage by creating trustworthy AI solutions with a holistic risk management approach

eBook by CMS and Omina Technologies

Artificial intelligence is becoming pervasive. But to make AI a competitive advantage for your organization, you need to create trustworthy AI.

Our new eBook, produced in partnership with Omina Technologies, will explain how you can accomplish this goal. 

Executive Summary

Artificial intelligence is becoming pervasive. AI can be a competitive advantage to your company by reducing costs and increasing revenues, increasing productivity and efficiency, improving customer experience and satisfaction and generating new or additional revenue streams.

To make AI a competitive advantage, create AI solutions that are trustworthy: ethical (fair, non-discriminatory), lawfull, and robust (Ethics Guidelines for Trustworthy AI, 2019). 

Creating trustworthy AI solutions requires actively managing the AI risks. Trustworthy AI solutions are the result of reducing the inherent AI risks of the AI solution via risk controls to residual AI risks that are defined as acceptable given your company’s and society’s risk appetite. Actively controlling AI risks will not only reduce your compliance and reputational risk, but it will also increase trust and adoption of the developed AI solutions with all stakeholders.

Integrate AI risk management in your company’s general risk management. AI risk controls should be proportionate to the different risk levels and tailored to the specific kind of AI risk.

To stimulate AI practices producing trustworthy AI solutions, integrate AI risk management in a holistic Risk Management Framework accounting both for society’s and your company’s risk appetite and norms:

1 & 2. Identify, assess and implement AI risk controls: Translate Law and Ethics: Install an ethics board or extend an existing ethics committee’s responsibilities, draft ethical checklists and implement trustworthy AI by design (e.g. using Justifai AI Governance software) to translate the legal requirements and guidelines (law), the company’s ethical principles and its code of ethics (Ethics) into methodologies and governance, which result in AI practices fostering the creation of a trustworthy AI solution (based on Floridi 2021). 

3. Measure and evaluate residual risks: Validate: Subsequently, validate a) whether the AI solution’s residual AI risks are acceptable given the society’s risk appetite and your company’s risk appetite and b) whether the AI solution meets the trustworthy AI requirements (based on Floridi 2021). Impact assessments, auditing and certifications validate whether the translation from the legal and ethical requirements and guidelines to actual AI solutions meet trustworthy AI requirements and produce AI solutions with acceptable residual AI risks.

4. Put the trustworthy AI solution in production

5. Monitor the AI risks of the AI solution in production

 

Who is this e-book for?

  • C-suite
  • Risk managers
  • AI Ethicists / Ethics Researchers/ Fairness Lead/ Lead for Responsible AI
  • AI Strategists
  • AI experts with an interest in how AI solution development relates to AI regulation and AI ethics
  • IT Decision Makers
  • Legal counsel
  • Data protection officers
  • Compliance officers

Why should you read it?

  • Learn how to make AI a competitive advantage while avoiding unintended negative consequences by reducing compliance and reputational risks.
  • Understand the concept of trustworthy AI or responsible AI.
  • Understand how AI risk management contributes to producing trustworthy AI solutions.
  • Understand the purpose of ethical principles, ethical guidelines, code of ethics, ethics committee, ethical checklists, trustworthy AI by design, impact assessments, auditing and certification.
Download AI eBook

Key contacts

Tom De Cordier
Tom De Cordier
Partner
Brussels
Anita Prinzie
Product and Marketing Manager | Omina Technologies
Brian Alexander
CEO US | Omina Technologies