How to Manage AI Risks With the Holistic AI Platform

July 19, 2023
Authored by
Adam Williams
Content Writer at Holistic AI
How to Manage AI Risks With the Holistic AI Platform

Deploying AI comes with risks – just ask those who have been adversely impacted by biased algorithmic hiring decisions or falsely arrested because of AI-powered facial recognition software.

As such, AI risk management is a pressing issue for the 77% of businesses that are either using or exploring AI. But with the right guide, the path is navigable.

Holistic AI's Governance Platform is a end to end solution designed to help enterprises manage risks and adopt AI responsibly across all of their AI systems.

The single-dashboard platform – which has two deployment options, hybrid or fully managed cloud – provides the tools and capabilities to mitigate, monitor and assess risks across 5 key areas: efficacy, robustness, privacy, bias, and explainability.

Proactively addressing these core areas is imperative for organisations to minimise AI risks. In this article, we’ll explore the importance of each and how the Holistic AI Governance Platform helps tackle them.

Minimizing AI Risks: How the Holistic AI Platform Enables Responsible Adoption

Holistic AI platform- AI Risk Management

1. Efficacy

In so many business scenarios, AI is an invaluable asset to automate processes and ensure resource efficiency. For a system to reach its optimal performance in this regard, it needs to perform well relative to its use case and objective. Holistic AI’s risk management methodology estimates generalisations, validates models for hyperparameter running, and performs algorithmic selection to provides a pathway to efficient and robust performance.

2. Robustness

Within machine learning and the broader field of AI, a system's performance can decline as circumstances evolve, or indeed in the face of malicious efforts to undermine it. What's more, a model's effectiveness typically lessens over time when deployed in a dynamic setting.  To manage this risk, the Holistic AI platform detects and handles dataset shifts as well as defending against adversarial threats.

3. Privacy

Some machine learning systems are vulnerable to data leakage, which could reveal sensitive or personal information. Through data minimisation and privacy-preserving techniques, Holistic AI's risk management platform gives organisations the foundations to continue unburdened by these threats.

4. Bias

AI systems are increasingly used in high-stakes contexts, such as in HR-led employment and promotion decisions. In these scenarios, there is a danger that systems can act in a biased manner towards certain people or groups, perpetuating pre-existing prejudices within society. The HAI Platform's bias measurement and mitigation capabilities help offset this risk, providing a roadmap to safe and responsible AI use within your organisation.

5. Explainability

At the frontier of academic AI research, the school of thought known as explainable AI is thriving. This philosophy promotes the creation and deployment of AI systems that are understandable to both users and developers. Holistic AI facilitates this by providing model cards for model reporting and datasheets for datasets, giving businesses and other institutions the power to ensure transparency with their stakeholders at every level.

Risk monitoring, mitigation and assessment with Holistic AI

The HAI Platform's risk management methodology encompasses regular assessments and bulletins on AI systems across an organisation's AI inventory. We perform an independent third-party audit, tailored to your needs. Furthermore, in the HAI Platform's inventory tab, there are insights and data on your various projects which, in tandem with our end-to-end process for assessing and mitigating possible hazards, allows you to monitor risks throughout your organisation.    

These tools – which have been crafted by a dedicated team of engineers and data scientists in collaboration with policy and ethical experts – give organisations the capability to manage AI risk, paving the way for fruitful deployment of this transformative technology.  

The next steps

Is your organisation pursuing an AI initiative? Schedule a call with our team of experts in AI auditing, governance and risk management to discuss how we can help you implement AI responsibly and safely.

DISCLAIMER: This blog article is for informational purposes only. This blog article is not intended to, and does not, provide legal advice or a legal opinion. It is not a do-it-yourself guide to resolving legal issues or handling litigation. This blog article is not a substitute for experienced legal counsel and does not provide legal advice regarding any situation or employer.

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