Sarah Hutchins, Debbie Edney, and Robert Botkin wrote in Bloomberg Law about the importance of updating risk-management frameworks to reflect evolving best practices in artificial intelligence procurement.
"Failing to do so can lead companies to adopt what seems like an AI panacea, but is actually a Pandora's box of regulatory enforcement and litigation risks," they wrote.
"AI tools can seem complicated, but they're only as robust as the data they're trained on," Sarah, Debbie, and Robert wrote. "Businesses should seek assurances from their AI vendors on collecting, using, and disclosing data used to train the model. Vendors should demonstrate they secured all the consent necessary when collecting data from consumers under applicable law."
"Businesses should also vet the AI tool's data usage and training methods when onboarding it. And vendors should detail their governance programs, audits, and other mechanisms that ensure the tool's usability, reliability, and potential for bias, inaccuracies, and unfairness," they wrote.
Subscribers can read the full article here: Companies Should Ask These Risk Questions When Procuring AI Tools
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