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Experts: Pressure on compliance to begin assessing AI Act impact

June 30, 2023 - A key challenge facing compliance functions is how to plan and implement an AI governance and compliance framework. Julie Myers Wood discusses the challenges and opportunities with Compliance Week.

“Compliance officers will start to understand full expectations and the risk profile of their AI exposure over time, but they need to make reasonable governance and risk decisions now.”

“AI risk exposure is in a state of flux, so it is hard for anyone to fully understand their exposure,” said Julie Myers Wood, CEO at Guidepost Solutions.

“This is particularly true because regulators often provide guidance through enforcement actions,” she said. “Compliance officers will start to understand full expectations and the risk profile of their AI exposure over time, but they need to make reasonable governance and risk decisions now.”

Myers Wood said it is “critical” for compliance officers to ensure they understand the full inventory of products the business is using and developing.