FairNow’s AI toolkit instantly alerts users to compliance changes, protecting the organization’s reputation and minimizing risk exposure.

AI compliance tools help you respond quickly to legal shifts and stay ahead of emerging requirements.

As organizational AI usage grows and regulatory compliance needs expand, organizations will lean on platforms like FairNow to track their usage to global regulatory requirements.

The regulatory requirements that apply to your business will vary based on a few key factors:

Geography: Different regions have varying regulations and standards for AI. For example, the European Union has stringent requirements under the GDPR and the upcoming AI Act, while the United States has a combination of state and federal regulations.

To complicate matters further, many regulations apply not only to organizations based in a particular region but also to those whose technology is used there.

Role: Compliance requirements can also differ based on your role (for example, are you the developer or the deployer of the AI system?) Developers must focus on creating AI that adheres to ethical guidelines, transparency, and bias mitigation from the outset. Conversely, deployers must ensure that the AI systems they implement are compliant with regulatory standards, properly governed, and used ethically.

Use case: The intended application of the AI technology influences the regulatory scrutiny it will face. High-stakes applications, such as resume screening or loan approvals, require more rigorous compliance measures than lower-stakes applications, like internal chatbots or recommendation engines.

Data/technology: The type of data being used and the type of AI technology deployed are crucial factors. Different types of data (e.g., personal, financial, medical) come with specific regulatory requirements. Similarly, the nature of the AI technology, such as generative AI (GenAI) or regression models, will determine the compliance framework. For instance, generative AI might require more stringent controls to prevent misuse or ethical breaches, while regression models may focus more on accuracy and fairness.

All these factors can lead to wildly different regulatory compliance needs. Two businesses in the same building, creating similar technology, may face vastly different regulatory requirements.

Are you unsure how to build a strategy for these impending regulations? Let FairNow help you identify exactly which of your models are in scope for which regulations.

Receive alerts as regulatory requirements change and shift to ensure you are always ahead of emerging policies such as the EU AI Act, NYC LL144, ISO 42001, US NIST AI, and more.

AI regulatory compliance software, like FairNow, helps organizations ensure their AI systems adhere to relevant laws, standards, and ethical guidelines.

1) Real-time Regulatory Tracking: Regulatory tracking keeps businesses informed and compliant as even new guidelines emerge. Controls are updated and businesses are immediately alerted of any additional requirements.

2) Intelligent Risk Assessments: Risk assessments and AI regulatory compliance go hand in hand. Given that many AI regulations follow a risk-based approach, regulatory bodies often require detailed reports on the potential risks of AI systems and the measures implemented to mitigate them. Risk assessments provide the essential documentation and evidence needed to demonstrate compliance efforts.

3) Reporting And Documentation Automation: Importantly, leading artificial intelligence regulatory compliance software also automates vital reporting and documentation tasks. This automation should also cover the generation of necessary documentation for audits and regulatory submissions, ensuring organizations can easily provide evidence of compliance.

When investing in AI regulatory compliance software, organizations must consider geography, role, use cases, and data/technology. The need for AI governance software will differ from organization to organization.

Consider these three examples of varying AI risk compliance needs:

• AI-Enabled Candidate Sourcing Tool: This small company develops a resume screening tool. They need AI compliance software for bias detection, audit trails, and regulatory reports due to their low risk tolerance and stringent employment laws.
• Enterprise Financial Services: This enterprise deploys multiple AI models in high-risk areas like lending and loan approval. They need AI compliance software to manage complexity, ensure regulatory adherence, and maintain centralization across regions.
• Small Marketing Agency: This small business uses ChatGPT for marketing support. Due to low risk and minimal regulatory exposure, it can handle compliance manually, so it likely does not need specialized software for now.*

*Note: As companies and regulations evolve, organizations must revisit their regulatory compliance strategy to remain compliant.

FairNow’s AI regulatory compliance tools can be customized and updated based on industry, geography, and risk tolerance.

AI regulatory compliance tools are a must-have for many businesses, providing customized solutions that precisely identify and control risks. Equipped with immediate alerts and ongoing monitoring, these tools ensure you stay on top of compliance matters, safeguarding your reputation and reducing financial risk.

FairNow actively tracks over 20 current and impending AI regulations around the world. Some of the most notable regulations include the EU AI Act, Colorado SB 24-205, Colorado SB21-169, and New York City LL144.

Of course, this list is getting longer and longer.

We are happy to simplify this process for our clients so they can focus on innovation and growth while we track the requirements.

In addition to laws and regulations, FairNow also provides tools to become compliant with voluntary standards such as ISO/IEC 42001 and the US NIST AI RMF.

The cost of implementing AI regulatory compliance software varies based on the organization’s size, the complexity of the AI systems, and the specific compliance needs. FairNow offers scalable solutions to fit different business sizes and requirements.

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FairNow offers AI Regulatory Compliance Software embedded into its AI governance platform. All clients on the platform have access to AI compliance tools and customizable responsible AI frameworks to ensure their AI is centralized, controlled, and compliant.