NuEnergy.ai, an Ottawa-based tech company that focuses on AI governance solutions, seeks to equip senior corporate leaders with the knowledge, framework, and software to interact with AI governance solutions and include AI governance in their risk registers.
In its latest announcement, NuEnergy.ai said board members can access the company’s AI governance education and AI governance framework, which is designed to allow tech leaders to develop an ethical AI roadmap for their organization and co-create a customized trust framework for managing an organization’s AI governance.
Furthermore, with NuEnergy’s cloud-based software, Machine Trust Platform (MTP), tech leaders can measure trust parameters including privacy, ethics, transparency, bias, and protect against risks of AI drift. For board oversight, results are presented in dashboards which include global standards such as the Government of Canada Algorithmic Impact Assessment (AIA).
By making these AI governance tools available to senior corporate leaders, and Risk Committee members in particular, NuEnergy.ai seeks to help organizations be more aware of the potential that AI presents for their organizations as well as the risks involved.
“Board leaders should be building on their approach to cyber risk, establishing comparable practices now for AI. Boards need to be discussing how to incorporate AI Governance and Data Governance into their risk management strategies, and getting guardrails in place before it’s too late,” said Niraj Bhargava, co-founder and executive chairman of NuEnergy.ai.
The power of AI can only be of true benefit if the technology is trusted, Bhargava added. Organizations rush to incorporate AI into their products and operations but wait for a crisis to occur to govern it, risking their brand and public trust as a result of ethical failures in AI.
An organization’s leadership is also not likely to implement governance when AI is ‘hidden’ behind what appears to be low impact tools, such as resume screening tools, which seem innocuous but can introduce bias into the hiring process, Bhargava affirmed.
“Despite the lack of formal regulation, it is a mistake for organizations to wait to implement governance approaches that assure the ethics and trustworthiness of AI; the financial, legal, regulatory and reputational risks of AI that goes ‘off the rails’ are too big,” said Bhargava. “NuEnergy understands the value of metrics, measurements and transparent scorecards. The saying ‘if you can’t measure it, you can’t manage it’ clearly applies to AI, no matter the level of maturity of an organization.”
This article first appeared on IT World Canada and Financial Post.