ModelOp's new software release enables enterprises to achieve continuous AI governance that drives safe, ethical, and responsible AI innovation
CHICAGO, May 7, 2024 /PRNewswire/ -- ModelOp, the world's leading AI Governance software for enterprises, is pleased to announce the release of ModelOp Version 3.3. This new software is a global first and allows enterprise leaders to score AI risks and continuously govern AI initiatives as global regulations evolve. ModelOp's new AI Governance Score provides executives with real-time visibility into all AI initiatives — including generative AI, in-house, third-party, and embedded AI systems — and their risks across the entire enterprise.
ModelOp helps Chief AI Officers (CAIOs), CDAOs, CIOs, CISOs, AI leaders, and Governance teams responsibly accelerate AI innovation and keep their organizations safe through comprehensive AI Governance inventory, controls, and reporting capabilities. Rapidly evolving AI technology and its many use cases span business units, departments, and teams — making it incredibly challenging for executives and corporate boards to see where AI is being used, what its risks are, and how they are being managed.
According to Accenture, less than 2% of executives can identify how AI is used in their companies and its risks. This is a substantial accountability problem, which can slow innovation and expose enterprises to significant security, data privacy, regulatory, brand, and financial risks.
With ModelOp Version 3.3 — including the world's first AI Governance Score — enterprises can govern and scale their AI in real-time using automation instead of relying on manual, inconsistent, and resource-intensive processes. These capabilities are more important than ever in the wake of the US Office of Management and Budget's (OMB) memo M-24-10, which requires each of the 400+ Federal Agencies to appoint Chief AI Officers by the end of May and to implement AI safeguards by December 1, 2024.
"ModelOp 3.3 gives executives clear visibility into the performance, value, and risk of all AI initiatives across the entire enterprise. The game-changing AI Governance Score introduces a standardized metric to measure risk across diverse AI initiatives, which is helpful given the complexity and diversity of projects," Pete Foley, CEO at ModelOp, said. "Unlike other solutions, ModelOp offers true AI Governance software tailored for executives, providing a single source of truth for AI Governance and Risk Management. It's comprehensive, agnostic, and answers the biggest AI accountability questions facing every executive at every enterprise: how is AI being used in my organization and what are the risks?"
ModelOp was recently recognized as a leader in AI Governance by MMC Ventures for its "Who's Who in Responsible AI report," underscoring ModelOp's mission to empower organizations to effectively and responsibly balance the risks and rewards of AI. ModelOp is committed to helping enterprises innovate and build accountable, transparent, robust, fair, and compliant AI Initiatives – all without stifling innovation.
ModelOp Version 3.3 extends existing support for generative AI, enabling enterprises to harness the power of Large Language Models (LLMs) while safeguarding the business. Its major enhancements include:
- AI Governance Inventory & Comprehensive Use Case Management — Version 3.3 introduces an enhanced AI Governance inventory, making it straightforward for users to register and customize new AI use cases, including those involving generative AI, and quickly bulk import existing models.
- AI Governance Score & Automated Compliance Controls — The new ModelOp AI Governance Score offers a rapid assessment tool — designed for leaders and executives — to ensure continuous adherence to policy and regulatory compliance, including for third-party vendor and embedded systems.
- Enhanced Reporting on AI Governance Adherence — With enhanced search capabilities, users can swiftly navigate AI initiatives across the organization, generate comprehensive AI use case reports, maintain oversight of AI systems, and perform critical comparisons of model versions focusing on performance, fairness, bias, and more.
ModelOp's VP of Product, Dave Trier, writes about the innovations in depth on ModelOp's blog here. This release underscores ModelOp's commitment to advancing AI Governance and enabling enterprises to safely and efficiently explore the vast potential of AI and ML technologies. A ModelOp Version 3.3 preview will be made available immediately to select existing customers.
For more information about ModelOp Version 3.3 and how it can transform your organization's AI initiatives by bringing visibility to how AI is being used and its risks, please visit www.modelop.com.
