An AI inventory: your first step towards compliance and control

New year, new resolutions. If you're looking forward to starting your responsible AI program in 2024, keep reading! Subscribe to receive our newsletter in your inbox. 

You’re probably wondering where to start on your AI program. A good first step is to create an AI inventory. So how do you create one, and why do you need one? Let’s get into it: 

What is this?

As the name suggests, an AI inventory is a centralized location that allows you to see all the places that AI is being used in your business. This gives you more visibility not only into where AI is, but also what kind of risks are associated with each different AI system.  

How does it affect your company?

Having an AI inventory puts you in control of your organization’s AI use. It can help you increase the maturity of your AI governance program, identify and mitigate associated risks, and even help manage the cost associated with developing or deploying AI. Once you know where AI is being used and what risk is associated with each system, you can begin to monitor high risk systems more closely and clear minimal or low risk systems for your team to start using.

How can you put it into practice?

Setting up your AI inventory and getting an understanding of where AI is used in your business is a key first step in your AI governance program. A tool like OneTrust’s AI Governance can help eliminate the manual collecting and review process, letting your team focus on other areas. Watch our webinar from December to learn more about the mechanics of setting up your AI inventory.

Timeline: AI's emerging trends and journey

• OECD released paper on Gen AI in the financial sector.  
• Council of Europe (CoE) Committee on Artificial Intelligence (CAI) shared draft framework convention on AI. 
• The AI Advisory Body of the UN published its preliminary report "Governing AI for Humanity report," calling out for greater alignment between international norms and how AI is developed and rolled out. Check it out. 
• First major AI copyright lawsuit. The New York Times is concerned about the use of its intellectual property to train OpenAI and Microsoft's AI chatbots.
• AI is leaving its mark on every industry, and the judicial sector is no exception. Supreme Court Chief Justice John Roberts warned about the use of Artificial Intelligence in the US Courts in the 2023 year-end report. 
• NIST released a report on how cyberattacks can manipulate AI systems, categorizing these attacks into four distinct types. Read it here. 

Your AI 101: What is...?

OneTrust DataGuidance has launched an Operationalizing Insight series to help organizations using AI focus on key areas for success. This AI toolkit offers expert insights and advice in three parts: 

1. Accountability when using AI, by AI PhD researcher Shima Abbady from Bird & Bird .
2. Challenges and opportunities related to fairness and transparency in AI, by David Varney , partner at Burges Salmon LLP . 
3. Data minimization, security considerations, and individual rights, also by David Varney. 

Follow this human

Every month, we'll recommend an influencer in the AI space for you to follow. Melissa Heikkilä is the senior reporter for AI at the MIT Technology Review. Her reporting and newsletter are great ways to stay on top of what’s happening all over the world of AI.