BST Awards 2024: Best buy-side AI platform or tool (compliance)—AI Risk

Overview

Artificial Intelligence Risk’s AIR-GPT platform integrates AI governance, risk, compliance, and cybersecurity (AI GRCC) functions into a single solution. It is designed to ensure regulatory compliance, enhance data security, and mitigate AI-related risks across various industries. The platform’s real-time AI cybersecurity layer and private cloud deployment safeguard confidential information while enabling secure, efficient AI usage.

The solution  

Artificial Intelligence Risk developed a risk management framework to provide AI security, governance, and compliance. These innovations, including private cloud deployments, a compliance database, and prompt and file scanners, help organizations identify and mitigate AI risks, ensure regulatory compliance, and manage ethical and social impacts responsibly. By leveraging these tools, firms can now deploy AI technologies more safely, efficiently and ethically, addressing challenges that were difficult to manage before these initiatives were implemented.

Secret sauce  

Artificial Intelligence Risk’s AIR-GPT platform incorporates AI GRCC functions into a single offering. The platform is designed to help firms manage their regulatory compliance, enhance their data security and mitigate various AI-related risks. Its real-time AI-based cybersecurity layer and private cloud deployment safeguard confidential information while enabling secure, efficient AI usage.

Recent milestones

Three key developments for Artificial Intelligence Risk over the past 12 months include:

• Connecting to external data sources like SQL databases and APIs, enabling clients to ask questions on them
• Development of an enhanced UI/UX with an improved interface for better accessibility and efficiency
• Private cloud deployments keeping user-firms’ data and interactions with large language models (LLMs) internal

Future objectives

Artificial Intelligence Risk plans to further integrate with third-party systems like customer relationship management platforms, enabling efficient data flow and improved user experience. Ongoing developments include refining the UI/UX for intuitive navigation and accessibility, ensuring users can interact with the platform as easily as possible. The firm will also expand its partnerships with industry leaders, while incorporating advanced analytics will provide deeper insights, fostering proactive risk management and continuous improvement in AI governance.

Why they won

Greenwich, Connecticut-based Artificial Intelligence Risk wins its second WatersTechnology award in the past six months after its inaugural success in this year’s Waters Rankings, in which it won the best cyber-security provider category. The firm’s Rankings win came on the back of its AI Risk Software Platform, while this latest success is thanks to its AIR-GPT offering that integrates AI governance, risk, compliance and cybersecurity functions into a single platform. 

Given the ubiquity of AI technology in general across the capital markets and the use of LLMs in particular, and the extent to which firms inadvertently expose themselves to various business, operational and regulatory risks by deploying such technology in non-secure environments, it is easy to understand Artificial Intelligence Risk’s appeal to firms on both sides of the industry. AIR-GPT is designed to ensure regulatory compliance and firms’ data integrity, while simultaneously supporting their secure and efficient use of AI. Expect to hear a lot more from Artificial Intelligence Risk in the coming months and years.