While Artificial Intelligence (AI) has been used by businesses for years now, the widespread availability and increased capabilities of generative AI tools has made it one of the most widely used and exciting business tools available.
The huge potential to create efficiencies and data intelligence comes with significant risks if companies don’t implement appropriate guardrails on AI tools. A lot about AI tools – how they work, the data used, the potential for hallucinations – is unknown. This means that companies need to put in place AI governance programs that consider privacy, security, ethics, consumer expectations, and business goals.
Red Clover will help you set up and maintain an AI governance program to reduce the risk of AI and ensure alignment with laws and best practices while leveraging the power of AI technologies to grow your business. We will work with you to establish an AI program for responsible AI development and use, ensuring that AI technologies are ethical, transparent, secure, and compliant with relevant laws and regulations.
Red Clover will design a program that takes into account your specific use cases for AI and integrates with workflows in business units across the organization. We understand the power that these tools have to jet-propel your business, and we can help you seize that potential in a responsible and ethical way that aligns with your company’s risk profile and strategic goals.
We can help you:
- Write policies, standards and procedures
- Provide strategy around the use, risks and impact of AI
- Custom training on AI risks and privacy best practices
- Update external disclosures such as AI and privacy notices
- Create and conduct privacy impact assessments for AI use cases
- Create and conduct vendor risk assessments for AI providers
- Implement the NIST AI RMF framework
AI can boost many initiatives in many areas of a business. But before you go inputting your company data into an AI tool, it’s important to do your due diligence! An AI initiative should start with the privacy impact assessment and include a vendor risk assessment as well. Red Clover can help you create a responsible AI governance plan, implementing privacy by design principles that reflect your values and amplify your business processes.
Managed Services
Our Privacy☘PS® managed services team can meet you where you are in establishing an AI governance program, including updating policies, contributing to strategy development for new use cases, ongoing training, and vendor reviews.
Key Activities
AI Governance Scoping & Discovery Involves identifying the business processes in your organization that use AI, which typically involves workshops with different business leaders to identify those business units and activities.
AI Governance Develop Policy, Process, and Procedures We will develop an AI Governance policy which identifies the requirements of applicable privacy and AI laws and internal guidelines on the company agreed upon uses of AI. It also will include standard operating procedures, including roles and responsibilities.
AI Governance Create Assessment Templates Customized for your organization, the assessment template will be used to ask business owners about their business process to better understand how AI will be used and the data that is collected, used, stored, and shared with third parties.
AI Governance Software Implementation For companies looking to implement AI governance software, Red Clover Advisors can help you set this up from start to finish. We will make sure that it is customized and works properly for you.
AI Governance Execute & Review Assessment Whether using software or a manual assessment, Red Clover Advisors will review the answers provided by the business owners. During this review, we’re looking for privacy risks related to the use of AI, and we’ll formalize that information into a findings report with our suggested remediations.
AI Governance Training We will provide training on how to either use the software, how to execute an assessment, and what to look for in an assessment.
AI Governance Maintenance, Updates, and Ongoing Assessments We also help with maintaining your AI Governance program and updating it on a periodic basis.Given the rapid evolution of AI technology, it’s crucial to stay abreast of new use cases and applications. For some companies, this might mean annual updates, while for others, more frequent adjustments are necessary to accommodate continual changes in AI, regulations, and new changes in your business.