AI Adoption has Jumped to 72% - Does Your Company Need an AI Policy? • NOHOLD Inc

While the use of Artificial Intelligence (AI) is increasing exponentially, not all companies have a formal policy in place. An AI policy helps companies harness the power of AI while mitigating risks, ensuring ethical practices, and maintaining regulatory compliance. Keep in mind, you don’t need an AI policy in place to get started with an AI. An AI Assistant using both Deterministic and Generative AI, leveraging publicly available content, can be a great first step in your AI journey.

Let’s dig in to the details. According to ChatGPT, there are several key reasons to consider implementing an AI policy:

Ethical Use of AI: An AI policy helps ensure that the use of AI aligns with the company’s values and broader ethical considerations, avoiding biases, discrimination, or harm caused by AI decisions
Legal Compliance: As AI technologies develop, laws and regulations regarding privacy, data usage, and algorithmic transparency are becoming stricter. An AI policy helps companies comply with current and future legal requirements
Data Privacy and Security: AI often involves large amounts of data. A clear policy can establish guidelines on how data is collected, processed, and secured, ensuring that sensitive or personal data is protected
Transparency and Accountability: Having an AI policy encourages transparency in how AI systems operate, and it assigns responsibility for decisions made by AI, fostering trust with customers, partners, and employees
Risk Management: AI can introduce risks such as errors in decision-making, automation failures, or unintended consequences. A policy helps in identifying and managing these risks proactively
Consistency in AI Application: A formal policy ensures AI is implemented consistently across the organization, reducing fragmentation in decision-making and operational approaches
Employee Training and Awareness: An AI policy promotes education and awareness within the company, ensuring that employees understand how to use AI responsibly and efficiently
Innovation and Competitive Advantage: A well-structured AI policy can help guide responsible AI development and implementation, positioning a company as an innovative leader while maintaining ethical and legal standards

So now that you understand the why, let us help you get started. Taking a look at the AI standards of respected and trusted organizations is a great place to begin. Their guidelines might serve as inspiration for the creation of your own policy. Some of the AI standards that NOHOLD is compliant with include (but are not limited to):

Another idea is to leverage an AI Policy template created by a reputable company, saving you some time and effort. Review the template, fill in company name, and make edits based on what is important to your company. Here is a sample AI usage policy template. (Lattice, April 2024) You can use a template like this to customize your guidance for employees about how to use AI in the workplace in a way that’s compliant, safe, and innovative.

Still feeling overwhelmed? Ask your company approved Generative AI Assistant to help you draft a template. Similar to using a template from a trusted brand, as mentioned above, you’ll need to do the work to review, add your company details and edit the content to fit your needs. As always, NOHOLD is here to help you every step of the way. And remember, you don’t need an AI policy in place to get started with AI. An AI Assistant using both Deterministic and Generative AI, leveraging publicly available content, can be a great first step in your AI journey. We’re here to help – Contact us with your AI related questions.

References:

The State of AI in Early 2024: Gen AI Adoption Spikes and Starts to Generate Value, May 30, 2024, MckInsey & Co. https://www.mckinsey.com/capabilities/quantumblack/our-insights/the-state-of-ai

AI Usage Policy Template, April 26, 2024, Lattice.com https://lattice.com/templates/ai-usage-policy-template