- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2019-07-31T20:26:00
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.”
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Mastercard CEO Ajay Banga cites concerns with compliance, data management, and making money within regulatory constraints among the reasons his company left the Facebook-led Libra Association late last year.
Wide-ranging questions target Libra, discriminatory housing ads, lack of diversity at Facebook, and whether Facebook’s CEO actually read the hearing packet the committee sent to him.
Visa, Mastercard, and a handful of other companies have followed in the footsteps of PayPal, abandoning the Facebook-led Libra Association amid harsh regulatory criticism surrounding the planned cryptocurrency offering.
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.
