Are you actually thinking of turning over your compliance program to ChatGPT?

If so, you need to listen to this. AI has to be implemented in a methodical way, a step-by-step program. So let’s talk about those steps.

First, you need a governance structure, meaning you have to have an organization responsible across the entire organization for all your uses of AI.

Second, like every issue that we deal with in ethics and compliance, you need a risk assessment. And you need to look at specific use cases and how those are going to impact your risk profile. This is critical. Only then you can start to tailor your program.

Third, you need to decide and investigate what exactly your risks are.

Is it algorithmic, meaning you’re using it for your business purpose, or non-algorithmic?

Stay tuned to part two, where we’re going to talk about the rest of the steps.