By Adam Turteltaub

There is so much hype and drama when it comes to AI, that it’s good to hear the voice of Mujo Vilasevic, Senior Compliance Officer, Raiffeisen Bank  International.  Contrary to most, he makes the case that the problem with AI is overdramatization.  Despite the fears, it’s not going to take over the world or our jobs, as he sees it.

So what should be doing when it comes to AI?  Educating ourselves is a very good start.  Also, look at AI both, as he describes it, outside in and inside out:  Look to see where it can be useful for the compliance department and how the business unit is putting it to use.

Do so, he advises, recognizing that there is, as of yet, no global regulatory consensus.  While laws are emerging, there is still a patchwork out there.

However, there are some principles of responsible AI use that do seem to have global relevance.  The EU law, for example, is based on the principles of integrity, data confidentiality, consumer data protection, personal data protection and the reliability of data used.  Few would argue against them.

In sum, he argues for avoiding the easy temptation of fearing the unknown.  Instead, learn what you need to know to understand this technology (starting with this podcast), and be prepared for global regulations to provide helpful guardrails.