The Power of AI: Unlocking Objectivity and Compliance
Introduction
Eric Sydell, PhD, Cofounder and CEO of Vero AI, shares his insights on the company’s AI-native platform and its impact on regulatory compliance, governance, risk, and compliance (GRC) processes.
The Tech and AI Journey
AI is not just about processing data; it’s about understanding data that was previously inaccessible. AI techniques, such as deep learning and generative AI, help us make sense of vast amounts of information at a scale not previously possible. According to Sydell, AI offers hope in illuminating the world around us, allowing us to study not just the 20% of information that is quantitative, but the other 80% that is largely just collecting dust.
Vero AI’s AI-Native Platform
Vero AI’s platform is designed to break down and parse the meaning of individual words and phrases, mapping them to specific standards required by clients. This allows businesses to quickly obtain an exceptionally thorough and detailed analysis of large volumes of information, increasing compliance and reducing risk while saving time and dollars.
Challenges in Regulatory Compliance
Organizations face tremendous challenges in keeping track of the growing amount of legislation and regulation, which puts them at risk of noncompliance. Moreover, most rules are basic in nature and designed to ensure that organizations are not unduly harming the world or individuals. Compliance is not enough; a top-performing business must consider the actual effectiveness of its processes rather than simply ensuring compliance.
Fundamentals of Robust GRC Processes
GRC is an organizational strategy to manage governance and risks while maintaining compliance with industry and government regulations. A robust GRC process involves reviewing and understanding relevant compliance elements, evaluating how tools and processes conform, and continuously monitoring compliance with current and potential future standards. Automating technologies, including AI-powered solutions, can help simplify compliance, allowing organizations of all sizes to use the latest tech without fear of non-compliance.
The Future of AI
As AI advances, it will be used to automate more and more of the intellectual labor that powers businesses. This will bring massive disruption and job loss. Organizations will save costs and increase efficiencies by using AI for tasks that were previously done by humans. However, this requires conscious planning and oversight by governments and business leaders to ensure that AI is used to improve human lives.
Conclusion
In conclusion, Vero AI’s AI-native platform is designed to help organizations harness the potential of AI while minimizing risk. By automating GRC processes, organizations can increase compliance, reduce risk, and save time and dollars. As AI continues to advance, it is crucial that we are prepared to grapple with the hard issues surrounding its impact on human lives.
FAQs
Q: What is the primary challenge in regulatory compliance?
A: The primary challenge is keeping track of the growing amount of legislation and regulation, which puts organizations at risk of noncompliance.
Q: What is the key to a robust GRC process?
A: A robust GRC process involves reviewing and understanding relevant compliance elements, evaluating how tools and processes conform, and continuously monitoring compliance with current and potential future standards.
Q: How will AI impact the growth of industries and business?
A: AI will automate more and more of the intellectual labor that powers businesses, bringing massive disruption and job loss. However, this requires conscious planning and oversight by governments and business leaders to ensure that AI is used to improve human lives.
Q: What are some of the top AI innovators in the industry?
A: Some notable AI innovators include Google’s Notebook LM, Perplexity, Pika, Abridge, and AlphaFold.
Q: How can organizations stay ahead of the curve in AI adoption?
A: Organizations can stay ahead of the curve by embracing AI-powered solutions, such as Vero AI’s platform, to automate GRC processes and increase compliance and efficiency.
