The Big Four accounting firms are now offering audits to ensure organizations’ AI products are compliant and effective, with insurance companies providing AI liability cover. However, audits and insurance alone may not address the root issue of data and infrastructure challenges that hinder safe AI use. The increasing adoption of AI across teams raises distributed risks, making it harder to monitor and govern usage. Without proper guardrails, organizations face potential consequences like data leaks and biased outputs, risking customer trust and regulatory compliance. AI liability insurance can help with financial fallout, but private AI may provide better control and security.

Private AI allows organizations to build and run AI models in secure environments, protecting proprietary data and intellectual property. To ensure accurate outcomes, private AI must be fed complete proprietary data sets. A modern data architecture supported by a unified data platform enables private AI access to necessary data and consistent governance, aiding compliance with evolving regulations. While AI audits and insurance signify progress in customer-facing AI deployment, organizations must ensure proper oversight and responsible AI practices, with accountability resting on them to deliver safe AI through the right data architecture.

Read more at Yahoo Finance: Businesses can’t audit and insure their way to responsible AI