There will be real consequences for organisations that fail to comply with new artificial intelligence regulations, writes Grant Thornton consulting partner Shane O’Neill
The 2008 financial crash shone a light on the major failure in corporate governance across the banking sector.
The pursuit of growth, combined with looser oversight and governance structure without robust risk management processes and controls ultimately led to a spectacular collapse, the effects of which we are still feeling to this day.
Since then, we have seen the balance swing in the opposite direction, with stricter regulatory regimes and the introduction of measures like the Individual Accountability Framework in Ireland to ensure that executives could be held responsible in the future, and the establishment of the Irish Banking Culture Board to promote ethical behaviour within the pillar banks themselves.
This new emphasis on regulation stretches far beyond these shores and now also reverberates across multiple sectors, as the EU’s Artificial Intelligence (AI) …