E211 ‘AI Compliance Challenges and Solutions’ with Corlytics’ Oisin Boydell

Today’s guest is Oisin Boydell, Chief Data Officer at Cortytics. One of the most pressing challenges within Artificial Intelligence remains regulation and compliance. As AI technology advances, businesses face the dual task of keeping pace with these changes while ensuring they remain compliant with regulations that are themselves in constant flux. In this podcast, Oisin sheds light on these challenges and the ways AI can aid compliance professionals.

Oisin points out that one of the main hurdles in regulatory compliance is the sheer volume of data and its dynamic nature. AI can significantly assist human compliance professionals by managing this data complexity. However, the conversation stresses the importance of human oversight, warning against “automation complacency,” where organisations might overly depend on AI for compliance decisions.

Oisin expresses that the role of AI is to support humans, not replace them. The trust in AI decisions is still a key concern, and human oversight is crucial to ensure that AI tools are being used responsibly, particularly in high-stakes areas like regulation and compliance.

Oisin discusses how AI can streamline compliance processes by interpreting complex legal documents and managing vast amounts of regulatory data. AI’s ability to automate and simplify these tasks is a game-changer for industries like finance and life sciences, which face a labyrinth of regulations across different jurisdictions.

Oisin elaborates on AI’s capability to help companies demonstrate compliance through standards like ISO 40:2001. This certification provides a blueprint for AI governance, emphasising best practices in managing AI systems ethically and effectively. Achieving such certification involves aligning management systems with outlined standards, which are then verified by accredited external agencies.

The episode also touches on the broader impact of AI and the importance of AI literacy. There is a strong push within companies like Corlytics to democratise AI tools, ensuring that not only data scientists but also legal experts and other professionals can use AI effectively in their workflows.

Oisin also highlights the necessity for widespread AI literacy, underscoring that understanding AI’s applications, risks and ethical considerations is critical for society. This literacy enables individuals and businesses to harness AI’s potential responsibly without falling prey to technological divides where access and knowledge about AI tools are unevenly distributed.

Reflecting on the societal implications of AI, Oisin mentions the transformative potential of AI in everyday life, from autonomous vehicles to changing business practices. There’s a pragmatic recognition that while AI technologies hold immense promise, they also require careful implementation and regulation to avoid unintended consequences.

Ultimately, as businesses and individuals navigate this AI-driven landscape, it’s vital to maintain a balance between innovation and regulation. By promoting AI literacy and ensuring robust compliance practices, companies can unlock AI’s full potential while safeguarding ethical and responsible use.

Being at the forefront of AI adoption necessitates a delicate balance between compliance and innovation. Oisin’s podcast not only underscores the importance of integrating AI responsibly into business processes but also highlights the critical need for oversight, literacy and continual learning. As regulations and AI both continue to evolve, companies must remain agile, informed and prepared to adapt to this ever-changing technological landscape.