Artificial Intelligence (AI) is leading the 4th Industrial Revolution, with an expected annual economic impact of $22.1 trillion USD. A recent survey shows 84% of global CEOs believe that investing in Generative AI is crucial for competitive advantage in 2024. However, the rapid deployment of untested AI technologies raises significant economic and societal risks.
Since 2022, governments have been reviewing AI safety standards and developing regulatory frameworks, such as the UK Benchley Park AI Safety declaration, the NIST AI Risk Management framework, and the EU AI Safety Act. Organisations like the ICO, ISACA, Chartered Institute of Internal Auditors (IIA) have also issued technical guidelines for auditing AI systems.
