The author suggests six steps for businesses to bridge these two frameworks: conducting a comprehensive AI risk assessment, assembling a cross-functional governance team, developing a compliance roadmap, implementing AI life cycle management, enhancing data governance and privacy, and embedding ethics and transparency in AI systems. The article concludes by emphasizing that compliance with these frameworks can provide a strategic advantage, leading to improved performance, trust, and competitive edge.
Key takeaways:
- ISO 42001 and the EU AI Act are two frameworks that businesses using AI should understand and implement. ISO 42001 defines responsible use of AI and can be adopted by any company that develops or uses AI systems, while the EU AI Act is a regulatory framework specifying technical requirements for high-risk AI systems.
- Practical steps for AI governance include conducting a comprehensive AI risk assessment, assembling a cross-functional governance team, developing a road map for compliance, implementing AI life cycle management, enhancing data governance and privacy, and embedding ethics and transparency in AI systems.
- Compliance with these frameworks can provide a strategic advantage, leading to heightened performance, improved trust, and sustained competitive advantages.
- Companies that do not proactively align with these frameworks risk falling behind in the trust race.