- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Joe Mont2019-06-19T17:37:00
Amid growing antitrust scrutiny and data privacy complaints, Facebook is nevertheless expanding into the cryptocurrency space.
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Data privacy leaders from the United States, United Kingdom, European Union, and Canada are among a group to come together and voice their concerns over Facebook’s planned venture into the cryptocurrency space with Libra.
Facebook recently acknowledged in a filing with the SEC that there can be no assurance its planned Libra offering “will be made available in a timely manner, or at all.”
The social media company is hardly quiet about its crypto initiative, but nevertheless failed to see the materiality of creating a global payments system.
Data governance has become a key concern for companies, especially when the EU AI Act and General Data Protection Regulation have put a premium on handling data responsibly and ensuring that artificial intelligence does not cause harm.
The era of artificial intelligence adoption is testing the old ways of doing compliance, underscoring the need for continuous monitoring. Compliance isn’t a one-and-done activity, but sometimes organizational incentives and goals fail to prioritize the importance of this.
While companies are exploring and building artificial intelligence technology, lawmakers and regulators are trying to identify what ground rules they need to set. These guardrails are what companies and governments alike believe are essential parts of ensuring safe and responsible use of the technology.
