For finance leaders, developments in AI are exhilarating. As of July, 71% of European CEOs said that AI is already being used for setting strategy in their companies, notes an EY survey.
Dazzling as generative AI tools like ChatGPT, Dall-E, and Google Bard can be, executives fear what will happen when the regulators (inevitably) lower the boom.
A safe starting point, says Ahsan Shah, Billtrust’s Senior Vice President of Data Analytics and AI, is to imagine the regulatory future as an extension of existing best practices around data privacy, consumer protection, the use of PII (personally identifiable information) and cybersecurity governance.
“Generative AI,” says Shah, “is simply adding another layer of complexity to the same requirements that already exist.” He suggests looking at the AI compliance of the future “as a new chapter in the [existing] regulatory book.”