The emergence of ChatGPT and other generative AI tools promises to transform a wide range of corporate business functions. However, compliance officers must also be aware of the risks that come with this powerful technology and take necessary measures to mitigate them.
Unlike other software, ChatGPT technology supports all business processes, making its risks potentially far-reaching. Compliance officers should be aware of various forms of risks around their usage, including vulnerabilities in codes that lead to security breaches, cyberattacks that make use of ChatGPT-generated malware or phishing attempts, or privacy violations if personally identifiable customer information is used to generate reports.
It is crucial that companies assemble a cross-enterprise team comprising CISOs, legal, regulatory compliance, and operating teams to address these risks. The team can then develop strategies to mitigate these risks, which may involve revisiting anti-fraud policies, updating privacy compliance policies, and disclosing the use of AI in hiring processes.
Ultimately, senior management and the board will decide how to use generative AI. The role of CISOs is to ensure that these tools are used in a risk-aware and regulatory-compliant manner. Governance frameworks and GRC tools can help CISOs with this task by enabling them to develop and implement appropriate policies and controls.
Overall, compliance officers need to be vigilant about the risks that come with generative AI use. By understanding their risks, implementing policies, and documenting their efforts, compliance officers can shield their companies from adversity and assure the safe and successful adoption of generative AI.
