The platform simplifies and centralizes key governance processes including risk-based classification, technical documentation, and bias evaluations
MCLEAN, Va.–(BUSINESS WIRE)–#AI–FairNow, a leader in AI governance solutions, highlights how its comprehensive platform is fully equipped to help organizations comply with the specific requirements of the European Union’s AI Act, which goes into effect this week.
The EU AI Act is the world’s first comprehensive regulation of artificial intelligence. The regulatory framework promotes the development of safe, transparent, and fair AI and imposes significant penalties for non-compliance, up to €35 million or 7% of the global annual turnover.
FairNow’s platform, designed with these specific requirements in mind, offers a suite of features that directly address the core components of the EU AI Act, making AI compliance straightforward and efficient for organizations.
Key Features of FairNow’s Platform:
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Automated Regulatory Compliance Tracking:
- Stay compliant with real-time updates on evolving AI regulations, including the EU AI Act, Colorado SB205, NYC LL-144, and more.
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Centralized AI Inventory:
- Maintain a detailed, centralized inventory of AI systems to drive transparency and accountability across all of your organization’s stakeholder groups.
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Risk Assessments:
- Conduct comprehensive assessments to define the risk level for each of your AI models, flag specific risks, and define mitigation strategies.
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Bias and Explainability Analyses:
- Utilize advanced tools for bias detection and explainability, essential for meeting the EU AI Act’s obligations for fairness and transparency in AI systems.
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Vendor AI Risk Management Portal:
- Standardize the tracking and assessment of vendor AI systems, simplify vendor AI evaluation, and streamline task management and monitoring.
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Automatic Record-Keeping and Audit Artifacts:
- Drive efficiency with FairNow’s document generation capabilities; automatically populate model details, log modifications, and store test results.
Guru Sethupathy, co-founder and CEO of FairNow, emphasized the importance of this alignment, “Companies are grappling with the challenges of harnessing AI’s transformative power while managing increasingly complex regulatory and business risk. FairNow’s platform simplifies compliance and promotes consistent AI governance practices across an organization. Our customers turn AI governance into a competitive advantage.”
FairNow’s EU AI Act compliance features are available to all current and new customers.
To learn more about FairNow’s AI governance platform, visit fairnow.ai.
Contacts
Kayla Baum
VP of Marketing, FairNow
Email: kayla.baum@fairnow.ai
