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Data Driven Compliance

Data Driven Compliance: Julie Myers Wood – Using AI for Data Driven Compliance

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, is a podcast featuring an in-depth conversation around the uses of data and data analytics in compliance programs. Data Driven Compliance is back with another exciting episode The intersection of law, compliance, and data is becoming increasingly important in the world of cross-border transactions and mergers and acquisitions.

In this podcast episode, Tom Fox and Julie Myers Wood, CEO at Guidepost Solutions take a deep dive into the intersection of compliance and generative AI and how this intersection will lead to more data driven compliance.  Wood emphasizes the importance of understanding the various ways AI can impact a company, including internal use, sales, compliance tools, freelancers, and criminal exploitation. Compliance teams need to have a comprehensive inventory of the tools being used and understand the capabilities and limitations of AI to ensure compliance and mitigate risks.

They discussed the need for companies to be aware of the potential risks associated with AI and have clear policies and procedures in place to protect intellectual property. He also discusses the importance of employee retraining and thoughtful decision-making when integrating AI into business practices. Overall, the podcast provides valuable insights into the challenges and considerations of incorporating AI into compliance programs, emphasizing the need for compliance professionals to adapt and stay informed.

Highlights Include

·      Key Considerations for Compliance and AI

·      Importance of Inventorying Tools and Managing Risks

·      AI and Intellectual Property Protection

·      Challenges of Implementing AI

·      AI and Compliance

Resources:

Julie Myers Wood on LinkedIn

Guidepost Solutions

 Tom Fox 

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Compliance and AI

Compliance and AI-Julie Myers Wood on Navigating the AI Compliance Landscape: Mitigating Risks

What is the role of Artificial Intelligence in compliance? What about Machine Learning? Are you using ChatGPT? These questions are but three of the many questions we will explore in this exciting new podcast series, Compliance and AI. Hosted by Tom Fox, the award-winning Voice of Compliance, this podcast will look at how AI will impact compliance programs into the next decade and beyond. If you want to find out why the future is now, join Tom Fox on this journey to the frontiers of AI.

Welcome back to another exciting episode of our podcast, where we delve into the fascinating world of compliance and artificial intelligence (AI). Today, we have the pleasure of hosting Julie Myers Wood, CEO of Guidepost Solutions. With her extensive background in law and government positions, Julie brings a wealth of knowledge and insights to our discussion on the challenges and considerations of incorporating AI into compliance programs.

As compliance professionals, we play a vital role in ensuring the safety and security of our businesses. The integration of AI into compliance programs presents both challenges and opportunities. By understanding the tools, risks, and solutions associated with AI, we can adapt to the changing landscape and make informed decisions.

Let’s embrace this exciting era of AI while staying vigilant and proactive. The world is changing, and compliance professionals need to stay up to date to ensure the safety and security of our businesses. Thank you, Julie Myers Wood, for sharing your valuable insights, and we look forward to more enlightening discussions in the future!

Remember, compliance professionals are the co-pilots of our businesses, guiding us through the complexities of the AI revolution. Let’s not wait too long between podcasts and continue this journey together!

Key Highlights

  • Key Considerations for Compliance and AI
  • Importance of Inventorying Tools and Managing Risks
  • AI and Intellectual Property Protection
  • Challenges of Implementing AI
  • AI and Compliance

 Resources

Julie Myers Wood on LinkedIn

Guidepost Solutions

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Blog

Julie Myers Wood on Navigating the AI Compliance Landscape: Mitigating Risks

I recently had the opportunity to visit with Julie Myers Wood, CEO at Guidepost Solutions. With her extensive background in law and government positions, Julie brings a wealth of knowledge and insights to our discussion on the challenges and considerations of incorporating AI into compliance programs. We took a deep dive into the intersection of compliance and artificial intelligence (AI).

With generative AI is coming at us with light speed, there are so many things a compliance professional to think about. Julie began with the first key thing is to take a high level perspective to step back and reflect on all the ways that AI can affect your company. You should ask several questions, including some of the following. What AI tools is the company using internally? What tools is the company using internally to help its operations or its capacity know about those tools? What is your company selling? Is your company selling tools that incorporate deep learning, generative AI or other sorts of machine learning?

Equally importantly what is the compliance part that each of your team is performing? What compliance tools are being used? Do you have individuals who are freelancing at your company trying to reduce their work using GPT or something else without telling you and maybe exposing some of the code? And finally, how are criminals using generative AI to get into your work? It all entails that , from a high-level perspective, what are various ways that AI can affect you.

Next it is important to think about is do you know what all these tools are that the company is using? You need to obtain an inventory of tools your employees are using. Compliance professionals need to have a comprehensive inventory of the tools being used within the company and fully comprehend their capabilities and limitations. This may not be easy, particularly if your organization is using a mix of homegrown tools as well as tools that are available for sale on the open market. Your compliance team must understand what are the tools that each part of the company is using because only then can you fully understand the privacy or other regulatory risks that may be involved.

In this inventory, you also need to understand who owns the software tools. When do they expire, how many seats to you have for your organization? Who owns the license keys and does the software legacy out?  This understanding is crucial for effectively managing compliance and mitigating potential risks. It is also a very good business practice.

Generative AI is rapidly advancing, and compliance professionals must stay informed and proactive in addressing its implications. Julie highlights the need to be aware of the risks related to generative AI, export compliance, and other potential problems. By staying updated on the latest developments, compliance professionals can adapt to the changing landscape and make informed decisions.

There are potential dangers of integrating AI into businesses and offers solutions to mitigate them. One key solution involves retraining or supplementing the training of employees. Companies need to educate their workforce on the rules of the road and provide a safe environment for exploring and experimenting with generative AI. Julie pointed to PwC’s billion-dollar investment in AI, including retraining and proprietary platforms, showcases the importance of investing in employee development. However, smaller companies may face challenges in investing in generative AI and effectively implementing it.

AI is revolutionizing compliance by enabling effective analysis and interpretation of large amounts of data. Compliance professionals are excited about the potential of AI for predictive analytics and identifying trends and patterns. However, choosing the right tools for compliance is crucial, as market winners and losers can impact success. A key for success for the compliance team is the need for collaboration between operations and compliance teams when considering the use of AI.

Clear policies defining what can and cannot be done with AI are essential to protect intellectual property and ensure compliance. But it is not simply policies and procedures, it is targeted and effective training, coupled with ongoing communications. All of this should be aimed at educating employees about the risks and consequences of using AI improperly is crucial. Compliance professionals should encourage caution when downloading AI tools from the web and carefully review terms and conditions to avoid unintended consequences.

As compliance professionals, we play a vital role in ensuring the safety and security of our businesses. The integration of AI into compliance programs presents both challenges and opportunities. By understanding the tools, risks, and solutions associated with AI, we can adapt to the changing landscape and make informed decisions.

For the full podcast with Julie Myers Wood, check out Compliance and AI here.