- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-04-18T20:42:00
In the minutes prior to taking the stage for their session on the intersection of compliance and information technology (IT) at Compliance Week’s National Conference in Washington, D.C., the panelists turned to each other and asked an eye-opening question.
“Whose idea was this again?”
The joke was the discussion would be lightly attended, attracting only the “closet nerds” interested in hearing about IT for an hour. But when the room filled up and the session got underway, the speakers offered core lessons on the importance of compliance having a seat at the table in the technology conversation.
“You have to translate compliance speak into geek speak and then geek speak into board speak,” said David Kessler, vice president and associate general counsel at BAE Systems, of interacting with IT. “They are multiple, different languages. If you can’t do that, you’re never going to get your message across to those who have to make the decisions.”
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Kristin Johnson of the Commodity Futures Trading Commission called for the agency to launch initiatives addressing the use—and misuse—of artificial intelligence tools in commodities markets.
Gurbir Grewal, director of the Securities and Exchange Commission’s Division of Enforcement, laid out general principles for “proactive compliance” to avoid making false or misleading claims about the capabilities of artificial intelligence products and services.
The European Union’s AI Act follows a risk-based approach: the higher the risk the artificial intelligence poses, the stricter the rules. Understanding each category is key to compliance.
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.
