Harnessing AI for business: The definitive guide to safe and seamless integration


AI has become a focal point in recent discussions. The influx of numerous AI vendors indicates that its foothold in the business world is firm and persistent.

KYND recently took the time to explain how to craft an effective AI policy for responsible governance within a business.

Over a third of enterprises are integrating AI into their operations. Recognising this significant shift, KYND has taken a proactive approach by formulating our AI usage policy to address the swift evolution of these technologies.

In this piece, we’ll dive into the pivotal role of AI in businesses. We’ll shed light on how to harness AI’s potential safely and incorporate it within your company’s policy framework. This ensures that AI propels rather than hinders your business goals. Furthermore, we provide a policy template to guide you in creating an AI policy tailored to your organisation’s distinct requirements.

Why should companies entrust this emergent technology so deeply? While AI does present numerous benefits like streamlined operations, task automation, and cost reductions, it’s essential to recognise the associated challenges. Businesses must be aware of security risks that arise from AI tools, such as errors due to outdated training data, unintentional regulatory breaches, and the generation of outputs introducing new vulnerabilities.

Given these risks and the dearth of guidance available to organisations, KYND asserts that AI can be a double-edged sword. Establishing clear expectations becomes imperative. We’ve thus crafted our AI usage policy in response to these rapid technological advancements. Given the increasing adoption of the technology to refine business processes, we’re sharing our insights and a template to help your organisation develop an artificial intelligence policy to counter the aforementioned risks.

At the heart of any policy formulation is understanding its impact. Different organisational members utilise various tools and perform distinct activities. Identifying those affected by the policy becomes crucial. Artificial intelligence’s versatility means it complements roles across an organisation, affecting a broader spectrum of people, including IT departments, leadership teams, external parties like customers, vendors, and regulatory bodies, and any individual accessing company data.

Involving teams such as IT and legal departments ensures a policy that caters to specific needs. By clarifying stakeholder responsibilities, companies cultivate a culture of responsibility, safeguarding assets, customers, and staff from AI-associated risks. We also advocate for a designated individual responsible for policy management and tool approval.

Understanding the rationale behind a policy aids stakeholder comprehension and showcases a company’s foresight. Comprehensive risk assessment is paramount. Such assessments should evaluate data privacy, bias, security, accuracy, legal implications, economic factors, and operational risks. KYND advises against using tools not explicitly defined by policy, suggesting a list of approved tools to reduce risk while exploring artificial intelligence’s potential benefits.

Policy should clearly detail how to maintain data privacy and security when interfacing with AI tools. With AI processing sensitive data, organisations must ensure compliance with relevant laws. For example, AI tools shouldn’t directly access client details; rather, they should pull from designated sources. Given potential data breaches, sensitive data should never be directly fed to AI tools. Comprehensive guidance mitigates human-induced risks.

Knowing where to address concerns and queries is crucial when introducing a new policy. Assigning an individual for AI-related oversight provides a point of contact for employee issues. Additionally, human review of the technology outputs ensures legislative compliance and maintains organisational standards, given artificial intelligence’s inherent biases and potential misuse of copyrighted materials.

Read the full post here.

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.