Amidst a sea of important topics discussed at the recent Corporate Compliance & Ethics Forum in Miami, there was one that stood out – the influence of Generative AI (GenAI) on the field of Ethics and Compliance.
GenAI has been a hot topic throughout 2023, so it seemed fitting to close off the year with this much-anticipated session. In creating and moderating this discussion we sought to cut through the noise surrounding GenAI, and hold our peers’ attention for an hour!
We approached this challenge by:
- Delving into the implications of using AI within business
- Exploring how AI can transform and improve Ethics and Compliance
The key takeaways from our panel were:
- Pick the low hanging fruit. “Don’t try to boil the ocean, just dip your toe in.” Tailor your approach to what suits your business. Some examples from our panelists included creating a safe space for compliance to practice asking their questions and getting GenerativeAI responses; building a closed model using 3+ years of data and decision trees; allowing employees to ask and get answers about gifts and entertainment from a Traditional AI bot.
- Tooling and technology is a high priority for 2024. With most corporations starting to implement some digital Ethics & Compliance solutions, or at least beginning to think about what they could do, most event attendees said that assessing the right tech to support their goals was on their 2024 agenda.
- Efficiency and gaining insights remain high priority. Chief Ethics and Compliance Officers are most invested in driving operational efficiency of their program as well as gaining access to meaningful data and insights to inform decisions.
- AI + Ethics = Cost Savings. Practical applications shared included using AI to manage Conflict of Interest programs for corporate gifting; employing AI-enabled dynamic translations for significant time and cost savings during investigations, and introducing an AI-enabled hotline, cutting out middlemen and enhancing trust between reporters and the business, especially in scenarios where reporters wish to remain anonymous.
- Integrating GenAI into existing jobs. With rising concerns about job displacement, some organizations are creating safe spaces where employees can acquire knowledge and seamlessly integrate GenAI into their responsibilities. This enables them to channel their efforts towards interventions that require their knowledge, experience, and discretion.
Consero’s Corporate Compliance & Ethics Forum provided a platform for deep exploration into this important space, and we’re looking forward to taking these conversations forward into 2024 and beyond!