Organizations are increasingly investing in AI tools and systems to enhance their processes and products, and maximize value. AI’s integration with businesses is expanding globally, with recent estimates suggesting that about 42% of companies are using AI in some way. However, the risks associated with AI systems can cause major harms, especially if appropriate business practices and safeguards are not put in place.

Many AI systems fall under the scope of existing laws, and the cost of non-compliance can be very high if an organization is sanctioned. This cost is likely to get higher as regulators globally have reiterated their authority and resolve to take appropriate action against non-compliant AI systems and applications.