As the foremost experts in forensic compliance testing we have developed a process for testing the use of artificial intelligence within advisory firms. Artificial intelligence (AI) currently comes with a lot of promises, but how many are actually being fulfilled? Our forensic analysis of AI within your firm covers the following:
- Written AI compliance policies
- Identification of firm use cases
- Forensic testing of AI vendors and software
- Governance and oversight of AI providers
- Data management and privacy
- Cybersecurity and technology controls
- Employee training and supervision
- AI-focused SEC exam prep
Almost all firms are currently using AI for business in some capacity. Many are still experimenting with various AI agents and systems to determine which solution will work best for their firm. Often times the answer is different agents for different workflows. With AI’s growing prominence, it is crucial for firms to include reviews of AI systems as part of their ongoing testing program. So how can compliance keep track of this rapidly changing environment?
Half of the battle is simply understanding how AI is being utilized within your firm and then making sure that no proprietary firm information is being used to train public models. Another issue is inconsistent results from data inputs. If your firm is relying upon AI for solutions, but those solutions are constantly providing different outcome scenarios, it can be difficult to know which is true or best for your firm.
Artificial intelligence is still a very nascent technology. It is intelligent, but not nearly as intelligent as it will be in 2-5 years. Plus, there is currently no regulation governing how firms are to safely use it. Regulation will come, but being ahead of the curve is what will truly protect your firm from the risks posed by unauthorized use or misuse.
Integrating our AI Testing into your compliance program will get you ahead of the curve. Do not let the frantic pace of AI’s expansion pass you by – contact us today!
All services offered by FrontLine Compliance include access to our secure project management system, scheduled video meetings, and 24-hour response times, M-F. We are here when you need us!