The Village Global podcast takes you inside the world of venture capital and technology, featuring enlightening interviews with entrepreneurs, investors and tech industry leaders. Learn more at www.villageglobal.vc.
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How Technology Enablement Can Magnify A Positive Impact on Audit Quality
MP3•Pagina episodului
Manage episode 387846168 series 2910096
Content provided by Olivia Duffey and BDO USA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Olivia Duffey and BDO USA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
Key Takeaways:
- Using AI and predictive capability is not new but generative AI brings AI to the mainstream due to its human-like communication and ease of accessibility to companies of all sizes.
- For boards to properly oversee AI risk, they need to require management to establish a model risk management process along with a model risk governance framework around AI implementation that includes standardization of algorithms, governance and ethical considerations as well as validation of data inputs and outputs.
- Moving to AI changes the human role and underscores the need for a strong risk culture and exercising of healthy skepticism to contend with potential bias, complexity and lack of integrity within both data sets and AI algorithms.
- Underlying data sets must be of high quality and representative of population they are intending to serve – free from bias, properly labeled and annotated.
- Boards, management and auditors will need to continue to stay apprised of what is sure to be a continually evolving standard setting and rule-making environment as technologies continue to evolve.
79 episoade
MP3•Pagina episodului
Manage episode 387846168 series 2910096
Content provided by Olivia Duffey and BDO USA. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Olivia Duffey and BDO USA or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.
Key Takeaways:
- Using AI and predictive capability is not new but generative AI brings AI to the mainstream due to its human-like communication and ease of accessibility to companies of all sizes.
- For boards to properly oversee AI risk, they need to require management to establish a model risk management process along with a model risk governance framework around AI implementation that includes standardization of algorithms, governance and ethical considerations as well as validation of data inputs and outputs.
- Moving to AI changes the human role and underscores the need for a strong risk culture and exercising of healthy skepticism to contend with potential bias, complexity and lack of integrity within both data sets and AI algorithms.
- Underlying data sets must be of high quality and representative of population they are intending to serve – free from bias, properly labeled and annotated.
- Boards, management and auditors will need to continue to stay apprised of what is sure to be a continually evolving standard setting and rule-making environment as technologies continue to evolve.
79 episoade
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