Legal AI Adoption: Relying on AI-Powered Computational Methods
In-house leaders across multiple industries are increasingly looking to artificial intelligence (AI) and related technologies to make great gains in organizational efficiency. To stay ahead of the curve, it is important for CLOs to remain educated on the technology, develop appropriate policies, understand the relevant regulations, and use the technology responsibly.
The Benefits of AI
When implemented properly, AI has been shown to deliver numerous benefits. Automated processes can save time and money, while analytical tools can optimize processes, uncover new opportunities, and reduce risk. AI can also help in areas such as due diligence, discovery, fraud prevention, document reviews, contract analysis, and compliance. In addition to improving accuracy and reducing costs, AI can help lawyers gain more precise insights into data in less time.
How To Implement AI Responsibly
Given the tremendous potential of AI, it is essential to use the technology responsibly. Developing a proper governance structure should be the first step. This should include operational guidelines, policies, and procedures to ensure that all staff are aware of the appropriate uses of AI and that its use is in compliance with all applicable laws and regulations.
CLOs should consider the different types of data that will be used to power AI and to ensure that it meets the highest standards of security and privacy. AI insights should be verified and accepted before being acted upon. Additionally, all AI-based decisions should be explicable and auditable, so they can easily be tracked and reviewed.
The adoption of AI presents CLOs with an opportunity for huge gains in organizational efficiency, but also requires a responsible strategy and mindful leadership. By developing best practices and designing a governance structure that complies with the latest regulations, CLOs can ensure that the innovative use of AI is utilized responsibly, allowing organizations to reap the benefits of this technology without sacrificing security or privacy.