LogicGate aims to tame AI with new software

Governance, risk and compliance solutions provider LogicGate released its new AI Governance Solution to help users govern and manage implementation of AI technology in their organizations.

Using the software, people can reinforce their AI risk tolerance levels with standardized AI policies automatically distributed throughout Risk Cloud's Policy & Procedure Management Application. They can create a centralized submission, review and approval process for every AI use case and model. A process can stand alone as its own application or augment workflows inside existing Risk Cloud applications. Users can identify and centralize AI risks inside the Cyber Risk Register to automate assessment, monitoring and mitigation workflows. People can access AI-specific controls compliance built on best practices and recommendations from the National Institute of Standards and Technology. They can use an out-of-the-box third-party AI risk questionnaire inside Risk Cloud's Third-Party Risk Management: SIG Lite Application, which helps teams identify which vendors embed AI technologies into their solutions and the impact they may have on business objectives.

"Fast and safe AI innovation is a top priority for leading organizations, yet AI is a multi-headed beast, and a holistic approach is critical to successful implementation," said LogicGate cofounder and CEO Matt Kunkel. "You can't protect what you don't know you have, so you must gain clear insight into every area AI is being implemented in your organization. And, while speed versus control is a key point of contention when it comes to enterprise AI adoption, organizations can achieve both. Our AI Governance Solution will evolve and grow with you and provide the tools and support needed to ensure effective AI risk management and compliance across every aspect of your business."

The release speaks to the concerns some have expressed regarding potential governance challenges with the use of AI. Recent data from Accounting Today found that 70% of accountants believed that the technology was advancing too fast for their liking. It also found that nearly 80% of respondents say there need to be international standards and stronger guardrails that govern the use of AI in their profession. Only 8% say no standards are needed, with another 13% of respondents unsure.

Accountants may not have to wait long — beyond private sector solutions, government bodies and standards-setting organizations have recognized this need as well. This is evidenced by things such as the recent passage of the European Union's AI Act, as well as the White House's own blueprint for an AI Bill of Rights.