with Shawn Tuma, Co-Chair & Attorney at Spencer Fane
Elevate Xchange April 17th 4:30p-8:30p
Roundtable Forum on Generative AI Presents Unprecedented Opportunities & Risks.
SUBTOPIC SUMMARY:
Legal & Regulatory Risks & Compliance: Explore the regulatory landscape governing the use of generative AI in enterprises, including compliance with data protection laws and industry-specific regulations. This can include SEC, NIST, Oversight, etc.
Legal and regulatory risks and compliance form the cornerstone of any business operation, spanning industries from finance to healthcare, and beyond. Failure to adhere to the ever evolving landscape of laws and regulations can result in severe consequences, including financial penalties, reputational damage, and even legal action. One of the primary challenges for organizations is staying abreast of these changes, as laws and regulations can vary not only by industry but also by region and jurisdiction. This necessitates robust compliance programs that not only monitor current laws but also anticipate future regulatory trends.
Moreover, the consequences of non-compliance extend beyond mere financial penalties. Reputational damage can erode consumer trust and investor confidence, leading to long-term harm to the organization's brand equity. In heavily regulated sectors such as finance and healthcare, compliance failures can also result in loss of licenses or permits, effectively halting operations. Thus, effective risk management strategies must include comprehensive compliance frameworks that are integrated into the organization's culture and operations, rather than viewed as mere checkboxes to be ticked off.
In today's globalized economy, businesses face the added complexity of navigating regulations across multiple jurisdictions. This requires not only an understanding of local laws but also the ability to harmonize compliance efforts across borders. Multinational corporations, in particular, must contend with differing legal frameworks, cultural norms, and business practices in each country they operate in. As such, compliance programs must be agile and adaptable, capable of responding to changes in regulations while ensuring consistency and integrity across all facets of the organization's operations.
Watch, Listen & Learn from Shawn Tuma, Attorney, on this powerful summary and crucial element of leadership.