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AI has the potential to revolutionize various industries, including the Governance, Risk Management, and Compliance (GRC) sector. AI technologies, such as machine learning, natural language processing, and data analytics, are being used to enhance risk mitigation strategies, augment compliance efforts, and streamline governance processes. This has not gone unnoticed by high-profile figures in the tech industry, who have issued an open letter urging companies to exercise caution when embarking on “giant AI experiments.” They contend that large-scale AI projects can “pose profound risks to society and humanity” without oversight and thoughtful management.
