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As artificial intelligence continues to become widely embedded in critical business decisions, strategies, and processes, it increasingly faces growing scrutiny from regulators, customers, and the public. While AI offers unprecedented opportunities for operational enhancements and innovation, it also introduces new risks.

Colorado is leading the charge of U.S. AI policy with the Consumer Protections for Artificial Intelligence (SB24-205) law. This law, commonly referred to as the Colorado AI Act (CO AI Act), is the first enacted comprehensive state law regulating high-risk AI systems. Signed in May 2024, it sets a precedent for balancing innovation with consumer protection through requirements on transparency, accountability, and fairness.

Organizations are under increasing pressure to secure and govern their AI systems responsibly. Fortunately, industry frameworks are stepping in to help, including the Cloud Security Alliance (CSA) Artificial Intelligence Controls Matrix (AICM), which maps to the ISO 42001 standard for AI management systems. Together, these frameworks provide a powerful roadmap for aligning AI governance with established security and compliance practices.

As the need for innovative artificial intelligence grows, regulatory bodies are working quickly to create frameworks that balance acceleration with safety, accountability, and trust. Notably, the European Union’s AI Act is poised to reshape how organizations approach AI governance, especially when it comes to general-purpose AI (GPAI) models.

The global push to both regulate and strategically accelerate the development of artificial intelligence (AI) has gained momentum over the past year, resulting in a diverse landscape of evolving frameworks, policies, and executive directives. In the United States, this dual focus on oversight and innovation has translated into a series of executive orders and formal federal AI governance initiatives.

The widespread use of AI is in full force, reshaping industries, economies, societies, and business practices. From healthcare diagnostics and financial forecasting to enhanced education and public services, AI systems are being deployed at unprecedented speed and scale. With its rapid adoption comes both immense benefits and equal amounts of concern over transparency, accountability, fairness, and privacy.

As artificial intelligence (AI) technologies become more deeply embedded in business operations, the need for responsible, transparent, and auditable AI management practices has never been more critical. ISO 42001 provides a structured framework to help organizations govern their AI systems responsibly and ethically.

This article was featured in the World Economic Forum, written by Schellman’s Jerrad Bartczak, Senior Associate AI, and Stu Block, Sustainability Practice Director.