We see it in the news daily - everyone is responsibly trying to get the most out of AI. The emergence of generative AI technologies in late 2022 through 2023 fueled this progress and continues to push the boundaries of what AI can achieve. This trajectory reached a critical juncture on March 13, though, with the ratification of the EU’s AI Act.
The act establishes a risk-based classification system for AI applications. "High-risk" applications, such as those used in facial recognition or recruitment processes, will face stringent requirements for development, deployment and oversight. These include rigorous data governance practices, human oversight mechanisms and robust risk assessments to mitigate potential biases and ensure fair and transparent decision-making by AI systems.
In response, Credo AI, a provider of governance, risk and compliance, or GRC, solutions, announced the introduction of enhancements specifically designed to empower comprehensive GRC for AI systems. These advancements aim to equip enterprises with the necessary tools to navigate the complexities of AI adoption with confidence and make certain that their AI practices adhere to the highest ethical and legal standards.
“The EU AI Act is the latest and one of the most comprehensive sets of AI regulations to date – it’s not just EU-based companies that will need to comply, but any company that is doing business in the EU,” said Navrina Singh, CEO and founder of Credo AI.
GRC for AI includes a set of new features and an intuitive redesign of the Credo AI user interface. This platform update meets AI Governance Custodians where they are to streamline the jobs to be done to ensure safe and responsible AI — including those specific jobs articulated in the EU AI Act.
GRC for AI's new features are constructed to mirror the workflows articulated in the EU AI Act, including Article 9: Risk Management Systems and Article 17: Quality Management System. Credo AI’s Policy Intelligence Engine and Team ensure that the workflows align closely to existing text of regulations to help enterprises streamline an organization's path to compliance.
GRC for AI also includes triggers and actions for enterprises to design and automate their AI governance workflows, Credo AI Assist for LLM-powered documentation upload and risk detection and governance plans for a single-pane view of governance requirements per AI use case.
“Organizations that invest in governance now, to comply with EU AI Act at scale, will be positioned for sustainable success in the rapidly evolving global AI market,” said Singh.
Edited by
Alex Passett
