As the field of artificial intelligence (AI) continues to advance at a rapid pace, so too does the importance of AI risk management and compliance. One startup, Fairly AI, aims to assist organizations in navigating the complex landscape of AI development while minimizing potential risks. With a platform designed to benchmark AI models against internal and external policies, Fairly AI helps data scientists and policy experts ensure safe, secure, and compliant adoption of AI technologies.
Fairly AI is an AI risk management startup that helps organizations navigate the complexities of AI development and ensure compliance. Its platform allows data scientists and policy experts to benchmark AI models against internal and external policies, minimizing risks associated with AI adoption. By providing actionable insights and translating compliance requirements into understandable metrics, Fairly AI aims to enable safe and secure AI implementation.
Understanding the Need for AI Risk Management
The increasing prevalence of AI in various industries has raised concerns about the potential risks associated with its deployment. AI regulation has become a hot topic, as businesses grapple with the challenge of determining when an AI system is safe and compliant enough to go into production. Without proper oversight and governance, AI projects can drag on indefinitely, causing frustration and uncertainty for developers and decision-makers.
Fairly AI CEO David Van Bruwaene, a former Ph.D. student in philosophy turned AI enthusiast, recognized the need for a solution to this problem. Drawing on his own experiences working at an AI startup, he partnered with Fion Lee-Madan, an experienced enterprise systems solutions architect, to develop a platform that could address AI risk management head-on.
The Fairly AI Platform: Streamlining AI Risk Management
Incubated at Accenture’s FinTech Innovation Lab and accepted into the prestigious Techstars accelerator, Fairly AI has developed a comprehensive platform that simplifies the process of managing AI risks. The platform draws upon frameworks and governance processes from industries such as financial services and adapts them to the unique challenges of AI.
Deployed on-premises or in a private cloud, Fairly’s platform enables organizations to benchmark their AI models and data sets against internal policies, relevant standards, and regulations. The platform can be integrated seamlessly into existing CI/CD pipelines via a single line of code, allowing for continuous monitoring and evaluation of AI systems.
Translating Compliance Requirements into Actionable Insights
A key aspect of Fairly AI’s platform is its focus on making AI risk and compliance issues more accessible to non-technical stakeholders. The platform’s monitoring dashboard provides decision-makers with clear “traffic light” signals that indicate the status of AI models and data sets. By translating compliance requirements into engineering requirements, Fairly AI enables organizations to understand and address potential risks effectively.
One of the main goals of Fairly AI is to help organizations avoid common pitfalls associated with AI, such as the misalignment of goals and the failure to consider potential risks. Van Bruwaene points to the example of Zillow Offers, which had to shut down due to a governance shortfall that resulted in the algorithm buying houses without factoring in repair costs.
Driving the Future of AI Risk Management
Fairly AI’s launch comes at a pivotal moment in the AI industry, with policymakers worldwide considering the need for standardized AI regulation. Governments are increasingly recognizing the importance of implementing frameworks to prevent potential harms arising from AI deployment.
While competition in the AI risk and compliance management space is growing, Fairly AI remains confident in its ability to stand out. Operating as a remote team from its inception, Fairly AI benefits from reduced R&D burn rates compared to its US-based competitors. The company recently closed a $1.7 million pre-seed funding round to support its product development, expand its team, and enhance its go-to-market strategy.