As the artificial intelligence (AI) market expands, the principles of AI Trust, Risk, and Security Management (AI TRiSM) – or fairness and governance surrounding the use of AI – become increasingly relevant.
By addressing present and potential AI risks, AI TRiSM responds to many common concerns. The framework also protects against adversarial attacks, and its security management and risk management capabilities attract companies that want greater protection over their AI systems.
Presently, many people are worried about data protection and AI’s handling of private and personal information. AI is frequently described as a black box, and data analysis experts can help translate model operations to a large audience. In general, the AI TRiSM framework prioritizes trustworthiness, fairness, and reliability.
Recent AI TRiSM advances include the Blueprint for an AI Bill of Rights, a set of five principles available on whitehouse.gov; the Algorithmic Accountability Act of 2023 (introduced to the Senate and referred to the Committee on Commerce, Science, and Transportation); and the European Union’s more stringent Artificial Intelligence Act, which will take effect in 2025. The White House-introduced “Blueprint” concerns the implementation of safe and effective systems; algorithmic discrimination protections; data privacy; notice and explanation; and human alternatives, consideration, and fallback.
These regulations do not necessarily halt progress. Per a 2024 Ernst & Young report, “Regulatory sandboxes enable the testing of innovative technologies in a supervised environment, with regulation that may be limited in time and/or scope. This approach has already been used in the FinTech sector to foster public and private sector collaboration. The UK Financial Conduct Authority (UK FCA) has been a leader in this concept, establishing its regulatory sandbox in 2014, and since then, it has been replicated in about 40 jurisdictions. There are many benefits of this approach, including the development of more targeted and effective regulation, fostering venture capital investment, facilitating competition, and incentivizing better communication between regulators and participating firms.”
AI TRiSM can allay customer concerns, increase user acceptance in a world still skeptical of AI, and advance organizations’ business goals.
Businesses with a strong AI TRiSM framework will benefit from the following: