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In the absence of legal guidelines, companies need to establish internal processes for responsible use of AI.

A wise uncle once said to his nephew in a movie, “with great power comes great responsibility.” This adage has never been more true as it pertains to the emergence and popularity of AI. However, organizations are starting to reflect on and question who ultimately bears this responsibility from an enterprise risk management perspective.

The sudden collapse of Silicon Valley Bank (SVB) once again highlights the importance of effective risk management.