Summary of article from Guidepost Solutions LLC, by Kenneth Mendelson:
As AI technology rapidly advances, organizations must prioritize AI governance to ensure responsible and compliant use. Compliance involves adhering to global, federal, and state regulations, including new laws focused on AI use. Organizations should integrate AI considerations into their existing governance, risk-management, and compliance programs, conducting comprehensive AI risk assessments, updating policies and procedures, ensuring data privacy and security, and monitoring regulatory developments. It is also recommended to establish an AI Steering Committee to oversee AI governance efforts, including transparency, explainability, and ethical considerations. Documenting all AI governance and procedural efforts is crucial for demonstrating due diligence and responsible AI practice.