ABBYY Releases AI Risk Management Policy and Model Risk Management Solution
AUSTIN, Texas–ABBYY is tackling the challenges organizations face in meeting evolving artificial intelligence (AI) compliance standards by making its AI Risk Management Policy publicly available and collaborating with partners to provide a solution that simplifies monitoring document AI-related risk compliance.
According to Accenture data, 77% of C-suite executives globally consider AI regulation a priority, while 39% acknowledge that collaborations with partners pose significant internal challenges to regulatory compliance. By proactively releasing its risk management policy, ABBYY aims to foster innovation while minimizing potential harm and promoting trust, transparency, and accountability in its AI systems.
“ABBYY provides customers with transparent performance metrics and characteristics of our AI technologies, including documented steps to maintain data security, integrity, and privacy throughout processing,” said Roman Kilun, Chief Compliance Officer at ABBYY. “While supporting customers’ digital transformation initiatives, ABBYY assists them in navigating complex regulatory landscapes and AI audits and collaborates with nonprofit organizations to ensure that such solutions remain economically beneficial and socially responsible.”
ABBYY is working with ForHumanity to provide a Model Risk Management (MRM) solution to enhance compliance and governance for customers. “ABBYY is among the first companies to develop and implement an AI risk policy consistent with the EU Artificial Intelligence Act,” commented Ryan Carrier, CFA, FHCA, Chairman of the Board and Executive Director of ForHumanity. “We’re pleased to be working alongside ABBYY and Law+Data with a solution that helps organizations mitigate downstream risks associated with AI systems and institute best practices essential for companies to enhance consumer trust while supporting responsible AI innovation.”
ABBYY has partnered with Law+Data, a data privacy, e-discovery, and AI governance law firm, to increase the auditability and traceability of AI compliance processes through ABBYY Process Intelligence. The partnership initially focuses on a solution for credit decisioning.
For more information about ABBYY’s AI Risk Management Policy, visit https://www.abbyy.com/blog/ai-risk-management-policy-eu-ai-act-compliance/.
About ABBYY
ABBYY uses purpose-built AI to transform data from business-critical documents into intelligent, actionable outcomes in over 200 languages in real time. The company is trusted by more than 10,000 organizations globally, including many Fortune 500 companies, to drive significant impact in customer experience, operational excellence, and competitive advantage.
