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AI Use Case Management Tool Implementation for Legal and Compliance Departments

stxnext.com

Financial services

Insurance

Banking

Challenges with EU AI Act Compliance and AI Portfolio Management

GlobalCorp Holdings is struggling to effectively manage and evaluate its growing portfolio of AI use cases in light of the EU AI Act. The lack of a centralized system for tracking, assessing, and auditing AI applications creates significant compliance risks, hinders data-driven decision-making, and limits the potential for optimizing AI investments. The company faces challenges in ensuring transparency, mitigating risks, and demonstrating adherence to evolving regulatory requirements.

About the Client

A multinational financial services corporation with significant operations across Europe, North America, and Asia. Facing increasing regulatory scrutiny, particularly regarding AI implementation.

Project Goals

Establish a centralized, transparent view of all AI use cases across the organization.
Streamline compliance processes related to the EU AI Act.
Improve data-driven decision-making regarding AI investments and strategies.
Enhance risk assessment capabilities for AI applications.
Increase the efficiency of AI use case review and prioritization.

Functional Requirements

Centralized AI use case repository with detailed information (purpose, data sources, algorithms, risk assessment).
Automated compliance tracking and reporting against the EU AI Act.
Data analytics dashboards for AI portfolio performance and ROI.
Risk assessment tools to identify and mitigate potential risks associated with AI applications.
Workflow management for use case review, approval, and monitoring.
Role-based access control for secure data management.
Integration with existing legal and compliance systems.

Preferred Technologies

Cloud-based platform (AWS, Azure, GCP)

Data analytics tools (Tableau, Power BI)

API for integration with existing systems

Secure database solution

Required Integrations

Existing CRM system
Internal data governance platform
Legal document management system

Key Non-Functional Requirements

Scalability to accommodate future growth in AI use cases.
High availability and reliability.
Robust security measures to protect sensitive data.
User-friendly interface for ease of use.

Expected Business Impact

Successful implementation of the AI Use Case Management Tool is expected to significantly reduce the time and resources spent on compliance activities, minimize potential legal risks, and enable data-driven optimization of AI investments. This will lead to increased operational efficiency, enhanced regulatory compliance, and a stronger competitive advantage in the European market. It will also facilitate faster innovation by providing clear regulatory guidance and streamlining the review process.