To ensure compliance with the EU Artificial Intelligence Act (EU AI Act), organizations need to implement several processes, practices and governance structures. These processes are designed to meet the requirements laid out in the act and to ensure that AI systems are developed, deployed and operated in a way that

Transparency in AI products & services is essential to promote trust, accountability and ethical use of AI technologies. To identify and assess potential risks from the deployment of AI algorithms in AI products and service, it is vital to understand its process context. A SIPOC (Suppliers > Inputs > Process

The pervasive use of AI agents in the banking ecosystems poses new risks to banks as for example financial losses by erroneous algorithms, compliance violations by incorrect transactions, data integrity issues, operational disruptions, reputational damage and legal & regulatory consequences. To prevent errors compounding in a short time, ongoing automated

Providing regulators with dynamic access to relevant data and analytics tools to support their oversight activities in an AI-driven financial services universe can offer material benefits and cost savings to banks and regulatory bodies. Benefits & cost savings to Financial Institutions 1. Enhanced Regulatory Compliance: By providing regulators with access

AI both poses challenges and offers opportunities for media literacy. Educating individuals to navigate and critically engage with AI-mediated media environments is essential for fostering informed and responsible media consumption and production. 1. Filtering and Recommendation Algorithms: AI-powered algorithms determine what content users see on social media platforms, search engines

On top of a bank's holistic risk management as outlined in my SIPOC process map, several regulative measures could be implemented to help prevent future bank failures. 1. Enhanced Capital Requirements: Regulators can mandate higher capital adequacy ratios for banks, ensuring they have sufficient capital buffers to absorb

A SIPOC (Suppliers > Inputs > Process > Outputs > Customers) process model with a SIPOC process map is particularly valuable as an enabler for transformational AI change projects, especially when developing and deploying new AI products or services. 1. Clarity and Scope Definition                                                                                   The SIPOC model helps provide a

A responsible and sustainable banking strategy should be reflected in an inclusive business model and enacted by stakeholder oriented business processes. 1. Ethical Banking Practices * Implement strict ethical guidelines for all banking activities, including lending, investments and financial products. * Avoid investments in industries or companies that harm the environment, violate

An agency model for AI products & services involves the structure and processes by which an organization delivers and manages its artificial intelligence offerings. Safeguarding human agency in the age of AI involves implementing measures and strategies as well as a stakeholder oriented SIPOC process model to ensure that individuals

Francis Bacon's famous assertion "Knowledge is power" takes on a renewed significance with the emergence of technologies like ChatGPT. In the contemporary landscape, the synergy of big data and AI algorithms transcends traditional notions, transforming knowledge into actionable insights. With the advent of GenAI, fewer human

Implementing a VAT system for AI products and services requires a balance between promoting innovation and ensuring fair taxation. To this end thresholds or exemptions for small businesses or low-value transactions should be defined. This VAT process framework outlines some conceivable VAT tax basis options for AI products and services.

The UN-backed Global Digital Compact is a policy framework for digital relations worldwide: https://www.un.org/techenvoy/global-digital-compact The Global Digital Compact addresses six key aspects: 1. Connectivity * Develop and implement policies to ensure universal internet access * Facilitate the deployment of digital tools in schools and communities 2. Internet

The ISO/IEC standard 42001:2023 published in December 2023 provides requirements for establishing, implementing, maintaining and continually improving an Artificial Intelligence Management System (AIMS) within the context of an organization. Its purpose is to ensure responsible development and use of AI systems for organizations providing or utilizing AI-based products

Zertifizierungsstellen müssen von der Schweizerischen Akkreditierungsstelle (SAS) akkreditiert sein. Die Zertifizierungsstelle muss ein Zertifizierungsprogramm für die Zertifizierung von Managementsystemen einerseits und von Produkten, Dienstleistungen und Prozessen andererseits erstellen. Nachstehend denkbare Anforderungen und Prüfkriterien im Prüfprogramm für zu zertifizierende Gegenstände bzw. Datenschutzprodukte oder -dienstleistungen für die Datenschutzzertifizierung: 1. Datenschutzerkl

The main goals of a circular economy are centered around sustainability, resource efficiency and minimizing environmental impact. In a circular economy, the traditional linear model of "take, make, dispose" is replaced with a closed-loop system where resources are used more efficiently and waste is minimized. 1. Minimize Waste:

Financial literacy refers to the ability to understand and use various financial skills, including personal financial management, budgeting and investing. It involves having the knowledge and skills to make informed and effective decisions about money. A financially literate individual is equipped to manage their personal finances, make wise investment choices,

Misinformation and disinformation were identified as the most severe global risk over the next two years by the World Economic Forum WEF. Detecting misinformation and disinformation generated by AI poses additional challenges as AI-generated content can mimic human-generated content more convincingly. The process involves a combination of technological solutions, human

The value chain of a financial institution encompasses a series of activities and processes involved in delivering financial products and services to customers. 1. Operational Risks * Internal Processes:      Inefficiencies, errors, or breakdowns in internal processes, such as transaction processing could lead to operational failures. * Technology Risks:      Reliance on technology systems

A best practice project management process provides a systematic and efficient way to plan, execute and monitor projects. This not only increases the likelihood of project success but also contributes to the overall efficiency and effectiveness of an organization. 1. Initiate Project Project Risks: * Incomplete or unclear project requirements * Stakeholder

Effective climate governance requires collaboration and coordination among various actors such as United Nations, Government Agencies & Ministries as well as Non-Governmental Organizations (NGOs), Scientific Research & Advisory Bodies and Private Sector Engagement with an emphasis on transparency, accountability and the incorporation of the latest scientific knowledge into policy decisions.

Accounts reconciliation is a process used to ensure that the financial records of an organization are accurate and in agreement. It involves comparing different sets of records to make sure they match and resolving any discrepancies. The primary purpose of accounts reconciliation is to identify, follow-up and rectify errors, discrepancies,

Interpretation of the causal diagram for SIPOC based process management. Suppliers => Process Input Quality => Process Performance => Process Efficiency => Process Output Quality => Customer Satisfaction 1. Suppliers determine the Input quality * Suppliers provide the raw materials or components, services and data that are inputs to the process.

The SIPOC process modeling notation supported by the ProcessHorizon web app provides a structured and visual representation of a process, making it well-suited for cause-and-effect analysis and intervention scenarios. SIPOC causal diagram: Suppliers => Inputs => Process => Outputs => Customers 1. Clarity of Process Flow * Reasoning for Cause and

Let's consider three typical examples of causal inference scenarios, transforming observational data into an actionable causal inference model. 1. Smoking and Lung Cancer Causal Diagram: Smoking => Lung Cancer * Observation:      P(LungCancer∣Smoking) This notation represents the probability distribution of lung cancer when smoking is observed without any

Suppose that out of 8.5 million people, 70 percent are vaccinated and 30 percent are not. If a person is vaccinated, he or she has one chance in one hundred of developing a reaction and the reaction has one chance in one hundred of being fatal. On the other