SINGAPORE, November 14, 2023 – Switzerland-based Modulos AG has integrated its next-generation AI Risk Management System (RMS) into its Responsible AI (RAI) Platform and will be unveiling this latest innovation at the Singapore FinTech Festival 2023, according to an announcement by the company.
The Modulos Responsible AI Platform claims that it helps organizations to develop and operate trustworthy AI systems that are aligned with global regulatory requirements and internal policies. As an integral feature of the RAI platform, the RMS embodies a unique approach to risk management, driven by industry best practices, standards, and advanced SaaS-based strategic solutions.
“Our ambition is to make AI adoption as navigable and reliable as possible,” said Kevin Schawinski, CEO of Modulos. “Incorporating the AI RMS directly into our RAI platform ensures that organizations have an all-encompassing, navigational tool for a secure AI journey.”
As AI becomes more integral to business operations, organizations confront the dual challenge of innovating rapidly while managing the risks associated with AI technologies.
These risks range from ethical dilemmas to operational vulnerabilities that can compromise both performance and compliance. Modulos recognizes this challenge and responds with its Risk Management System – a comprehensive solution engineered to mitigate risk while fostering innovation.
The RMS feature provides a 360° AI Risk Vision, enabling organizations to gain an instant and comprehensive view of their AI risk profile. Equipped with sophisticated dashboarding capabilities, this new feature empowers decision-makers to effectively visualize and prioritize risk management activities.
The system allows for a multi-stakeholder approach, connecting data science with risk management and compliance, enabling continuous monitoring of residual risk throughout the AI lifecycle thus ensuring reliability and adherence to regulations.
In line with key international standards such as ISO 23894 (Risk Management) and ISO 5338 (AI Lifecycle Process), the RMS is designed not just as a tool but as a pioneering step for safe, compliant AI development within organizations.
The feature is designed in alignment with major regulatory frameworks, including the EU AI Act, NIST AI Risk Management Framework, and Singapore MAS guidelines. Improving AI governance is a call to action for industries to put risk management at the forefront as they adopt the power of AI.
Modulos will be present at the Singapore Fintech Festival at the SwissTech Pavilion in Hall 6, Booth 6A25.