ABBYY Unveils AI Risk Management Policy and Model Risk Management Solution

ABBYY has released its AI Risk Management Policy and a Model Risk Management (MRM) solution to assist organizations in navigating the complexities of AI compliance standards, announced in a press release. The policy aims to foster trust and transparency in AI systems by providing customers with performance metrics and documented steps to maintain data security and privacy.

In collaboration with ForHumanity, ABBYY's MRM solution enhances compliance and governance for customers. This partnership supports organizations in meeting regulations such as the EU Artificial Intelligence Act and the US Federal Reserve SR 11-7 Model Risk Management guidance. ABBYY's efforts include rigorous assessments of risk factors and continuous monitoring of AI system performance.

Additionally, ABBYY has partnered with Law+Data to improve the auditability and traceability of AI compliance processes, initially focusing on credit decisioning solutions. This initiative is part of ABBYY's broader strategy to support digital transformation and ensure responsible AI innovation.