FairNow's AI Governance Platform Helps Organizations Meet and Maintain New EU AI Act Requirements
30 Julio 2024 - 12:00PM
Business Wire
The platform simplifies and centralizes key governance processes
including risk-based classification, technical documentation, and
bias evaluations
FairNow, a leader in AI governance solutions, highlights how its
comprehensive platform is fully equipped to help organizations
comply with the specific requirements of the European Union's AI
Act, which goes into effect this week.
The EU AI Act is the world’s first comprehensive regulation of
artificial intelligence. The regulatory framework promotes the
development of safe, transparent, and fair AI and imposes
significant penalties for non-compliance, up to €35 million or 7%
of the global annual turnover.
FairNow's platform, designed with these specific requirements in
mind, offers a suite of features that directly address the core
components of the EU AI Act, making AI compliance straightforward
and efficient for organizations.
Key Features of FairNow's Platform:
- Automated Regulatory Compliance Tracking:
- Stay compliant with real-time updates on evolving AI
regulations, including the EU AI Act, Colorado SB205, NYC LL-144,
and more.
- Centralized AI Inventory:
- Maintain a detailed, centralized inventory of AI systems to
drive transparency and accountability across all of your
organization’s stakeholder groups.
- Risk Assessments:
- Conduct comprehensive assessments to define the risk level for
each of your AI models, flag specific risks, and define mitigation
strategies.
- Bias and Explainability Analyses:
- Utilize advanced tools for bias detection and explainability,
essential for meeting the EU AI Act's obligations for fairness and
transparency in AI systems.
- Vendor AI Risk Management Portal:
- Standardize the tracking and assessment of vendor AI systems,
simplify vendor AI evaluation, and streamline task management and
monitoring.
- Automatic Record-Keeping and Audit Artifacts:
- Drive efficiency with FairNow's document generation
capabilities; automatically populate model details, log
modifications, and store test results.
Guru Sethupathy, co-founder and CEO of FairNow, emphasized the
importance of this alignment, "Companies are grappling with the
challenges of harnessing AI's transformative power while managing
increasingly complex regulatory and business risk. FairNow's
platform simplifies compliance and promotes consistent AI
governance practices across an organization. Our customers turn AI
governance into a competitive advantage.”
FairNow's EU AI Act compliance features are available to all
current and new customers.
To learn more about FairNow’s AI governance platform, visit
fairnow.ai.
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version on businesswire.com: https://www.businesswire.com/news/home/20240730861787/en/
Kayla Baum VP of Marketing, FairNow Email:
kayla.baum@fairnow.ai