Executives and C-Suite Gain Visibility into AI Technology Stack and Potential Risks of Bias and Ethical Exposure
Washington, DC, March 30, 2023 – FairNow, on a mission to ensure trustworthy AI, announced today the launch of its platform, which enables companies to detect bias, be compliant, and responsibly manage their use of predictive analytics and AI across their technology stacks.
The world is becoming aware of the transformative potential of AI. At the same time, these technologies can also lack transparency and scale bias, creating regulatory, reputational, and business risk. This is especially true in Human Resources (HR) where predictive analytics/AI have the potential to increase efficiency, identify talent, and improve experiences, and so unsurprisingly, over 50% of HR organizations use predictive analytics/AI technologies. However, over 90% of that is through vendors and most Chief Human Resource Officers (CHROs) report being unaware if these tools and technologies are encoding bias. Regulators are taking notice of this issue and state governments and regulatory agencies are passing guidance and laws around AI, including NYC LL144, NJ A4909, and the EU AI Act.
FairNow was founded by Guru Sethupathy, CEO. Prior to FairNow, Sethupathy was an executive at Capital One where he built their People Analytics and Technology function. Previously, he was a consultant at McKinsey with a focus on AI, analytics, and talent, and is published on the topic of AI and fairness in algorithms.
“HR is in the middle of a tech revolution when it comes to utilizing technologies that rely on data and analytics. But many organizations are unaware of the potential bias in these tools or whether the tools are effective or not. AI technology is not at a place where it can be plug-and-forget but rather has to be continuously monitored and managed,” said Guru Sethupathy. “FairNow was created to help organizations and tech vendors navigate a myriad of complexities and be ethically responsible, while understanding the risks and opportunities with AI. While we are starting in HR, where we believe there is an acute need, we also believe what we are building will be useful in domains beyond HR.”
The FairNow platform connects to HCM/HRIS/ATS and various other talent systems, tracks regulations, and automates audit/compliance preparations to meet regulation standards. This saves companies time and money, and lowers overall risk, with increased attention and scrutiny on hiring practices. The platform intelligently monitors algorithms and hiring processes and outputs a dynamic dashboard and visualizations to help companies proactively remedy issues and provides insights that can help companies make better talent decisions to improve diversity and quality of hire.
The FairNow platform is being inserted into a company’s request for proposal (RFP) evaluation process to ensure that vendor models and technology under consideration are trustworthy and meet compliance standards.
FairNow also partners with HR technology vendors, to enable them to demonstrate the fidelity of their models and tools, as well as the opportunity to differentiate in a crowded marketplace.
FairNow is an all-in-one AI governance software that simplifies and centralizes AI risk management at scale. FairNow’s platform continuously monitors AI models to confirm that every model is fair, compliant, and audit-ready. FairNow equips organizations with all the AI governance tools they need, not only to ensure global compliance, but to assess and manage AI risk as the organization grows. FairNow’s AI governance platform empowers corporations to build, buy, and deploy AI with confidence. www.fairnow.ai