Credo AI has unveiled a suite of new features to strengthen its Governance, Risk, and Compliance (GRC) capabilities following the recent final European Parliament plenary vote on the EU AI Act.
“In today’s rapidly evolving digital landscape, the essence of AI governance has transcended beyond a mere necessity—it's the lifeline that ensures your AI initiatives are not only innovative but also aligned, transparent, and compliant. The EU AI Act is the latest and one of the most comprehensive sets of AI regulations to date – it’s not just EU-based companies that will need to comply, but any company that is doing business in the EU. Organizations that invest in governance now, to comply with EU AI Act at scale, will be positioned for sustainable success in the rapidly evolving global AI market,” said Navrina Singh, CEO and Founder of Credo AI.
Prior to this, Credo AI launched AI Registry, a solution designed to assist organizations in implementing AI governance.
AI compliance regulation
The journey towards deploying AI responsibly and effectively has reached a significant milestone with the EU's ratification of the AI Act on March 13th, 2024, marking the inception of the first global AI compliance regulation. In light of this development, Credo AI has unveiled enhancements to bolster comprehensive GRC for AI systems, helping enterprises navigate the intricacies of AI adoption with assurance and ethical integrity.
The GRC for AI framework encompasses a range of novel features alongside an intuitive redesign of the Credo AI user interface. This platform update is tailored to meet the needs of AI Governance Custodians, streamlining the tasks required to ensure the safe and responsible use of AI and aligning with the specific obligations outlined in the EU AI Act. By facilitating swift and efficient compliance with AI governance requirements, enterprises can seamlessly scale and integrate AI technologies while fostering trust among their clientele and the general public.
Features that align with new regulations
Out of the critical components of GRC for AI are new features designed to mirror the workflows delineated in the EU AI Act, including provisions such as Article 9 on Risk Management Systems and Article 17 on Quality Management Systems. Leveraging Credo AI’s Policy Intelligence Engine and dedicated team, these workflows are meticulously aligned with the regulatory text, aiding enterprises in streamlining their journey towards compliance.
Moreover, the GRC for AI package comprises a suite of essential components: Triggers & Actions, enabling enterprises to craft and automate their AI governance workflows; Credo AI Assist, harnessing LLM-powered technology to streamline documentation upload and detect risks effectively; Governance Plans, providing a consolidated perspective on governance requirements tailored to each AI use case; and a streamlined redesign of AI Use Case Intake, facilitating comprehensive oversight by allowing AI Governance Custodians to unite stakeholders involved in AI initiatives, thus ensuring seamless compliance and responsible AI deployment.
