COLORADO SB205

Navigate Colorado SB205: Ensuring Responsible AI Practices

Prepare for Colorado’s SB205 to ensure fair AI practices, strengthen consumer trust, and enhance consumer protections for artificial intelligence.

What is Colorado SB205?

On May 17, 2024, Colorado Governor Jared Polis signed SB24-205 into law, introducing comprehensive consumer protections for artificial intelligence (AI) systems. SB205 imposes rigorous requirements on developers and deployers of high-risk AI systems to safeguard consumers from algorithmic discrimination. Due to be enforced from 1 February 2026, the countdown for compliance has begun.

Why partner with Holistic AI?

Our governance platform is an all-in-one solution, providing you with the tools you need to implement the requirements of Colorado SB 205 law.

Maintain compliance readiness

Automatically identify regulatory changes and translate them into enforceable policies, including AI regulations and standards such as Colorado SB 205, Colorado SB 21-169 and NIST AI RMF.

Manage Risk

Utilize risk assessment tools and methods to map, mitigate, and monitor risks across technical and business domains, ensuring safe deployment of AI models.

Establish Policies and Rules

Exercise centralized control over the enterprise AI portfolio. Define policies and oversee internal and third-party AI development.

Evaluate and Monitor

Maintain transparency and accuracy in AI model health. Actively minimize model drift, bias, and vulnerabilities with performance alerts for deviations from predefined parameters.

End-to-End Automated Monitoring

Implement automated monitoring, management, and documentation throughout the AI lifecycle to enhance scalability and accountability.

Facilitate Stakeholder Engagement

Enhance compliance and streamline decision-making by uniting key stakeholders through our platform's communication tools, addressing regulations like Colorado SB205 and SB 21-169.

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Ensure AI Compliance Readiness: Navigate Colorado SB205 with Holistic AI Governance

Take action now to align your AI systems with SB205 and safeguard consumer rights and equity.

Ensure Compliance

Establish an Effective Risk Management Framework and Conduct Bias Audits

  • Establish a comprehensive risk management framework tailored to your organization
  • Conduct thorough bias audits of your AI systems to ensure fairness and compliance
  • Identify and address potential biases early to mitigate risks and maintain AI integrity

Catalog AI Systems

Gain Visibility into Your Entire AI Inventory

  • Utilize our centralized repository to catalog and manage your entire AI inventory
  • Gain complete visibility into all AI systems, including purpose, data sources, and metrics
  • Understand system capabilities, assess impact, and make informed deployment decisions

Identify Risks

Classify Inherent Risks Associated with Your AI Systems

  • Identify and classify inherent risks associated with your AI systems using our assessment tools
  • Categorize risks as low, medium, or high based on data privacy, algorithmic bias, and potential harm
  • Prioritize compliance efforts and allocate resources effectively by understanding risk profiles

Mitigation Strategies

Implement Customized Plans to Reduce Risks

  • Receive customized mitigation strategies tailored to each AI system's characteristics
  • Collaborate with our experts to develop and implement targeted risk reduction plans
  • Proactively reduce risks, ensure ongoing SB205 compliance, and maintain stakeholder trust
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FAQs

What are the requirements of SB205?

SB205 requires developers and deployers of high-risk AI systems to document their systems extensively,  including describing intended uses, data sources, and measures taken to mitigate discrimination risks. It also mandates public disclosure of high-risk AI systems and reporting of discrimination risks to the Attorney General.

How does SB205 define an algorithm and a predictive model?

Artificial intelligence system means any machine-based system that, for any explicit or implicit objective, infers from the inputs the system receives  how to generate outputs, including content, decisions, predictions, or recommendations, that can influence physical or virtual environments.

What is required for insurance companies to comply with SB205?

Insurance companies must assess AI systems for algorithmic discrimination, implement risk management policies, maintain detailed documentation, and provide regular training. (Section 6-1-1702, 6-1-1703)

Key Resources & Insights

Are your AI projects compliant with Colorado's New SB205 Law?

Schedule a call with our team to optimize your AI Governance strategy to meet Colorado's new SB205 regulatory standard.

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