Impact of Artificial Intelligence Regulations on Organizational Risks

Abstract

The data science industry has grown exponentially due to the surge in consumer consumption of technology-related services and products. Following closely is the data science specialty of Artificial Intelligence (AI) algorithm develop-ment and use, which holds significant potential for an or-ganization’s bottom line. By combining these new AI capa-bilities with the treasure troves of new and legacy consumer data, organizations can automate decision-making to entice new consumers to their products and services. These AI ca-pabilities come with a plethora of potential uses and misus-es. Organizations must take stock of the precedence of laws and regulations related to consumer privacy and ensure careful consideration of AI risk management to balance the potential financial implications of AI algorithm develop-ment and use, good and bad.