Challenge 

Since the wave of artificial intelligence (AI) tools came onto the market in late 2022, a top credit union began experimenting and implementing AI and machine learning (ML) systems into its functions and workflows. The company sought to reap maximum rewards from these disruptive technologies while minimizing risks to data, operations, and customers. 

As its ecosystem of tools expanded, however, leaders recognized the need for a holistic assessment of the company’s AI risk universe.  

How We Helped 

CrossCountry Consulting’s AI Strategy & Transformation experts were engaged to assess operations against the National Institute of Standards and Technology (NIST) AI Risk Management Framework (AI RMF). The team performed a current-state assessment to understand strategy, goals, and gaps and to make strategic recommendations, including: 

  • Finalizing the AI strategy. 
  • Creating a robust AI inventory. 
  • Creating an AI operating model.  
  • Standardizing a process for identifying and mitigating AI risks and issues. 
  • Enhancing third-party risk management. 

With these insights, the company gained granular 360-degree visibility into the full scope of its AI use and a practical way to stay ahead of the AI risk curve. 

“Even as a deployer of AI – as opposed to a developer – the organization faced significant risk around accountability and customer impact. We were able to right-size recommendations to help unleash AI across the environment in a trustworthy manner.” – Justin Snow, Associate Director at CrossCountry Consulting and project lead 

Results 

As these recommendations were implemented, the company benefited from a formal risk-based approach to “activating” AI value creation and a framework for confidently making decisions on AI in the future. This resulted in: 

  • Strategic AI governance and implementation readiness: A proactive AI strategy and posture to generate confidence, predictability, and excitement for AI deployment across the organization. 
  • Elevated employee experience: Greater clarity, definitions, and expectations around company AI use to support employee upskilling and enhanced business processes.  
  • Risk management: Building risk and compliance processes aligned to the latest industry standards strongly positioned the company to adopt and comply with emerging AI rules. 

By forging a path to maximize benefits and minimize harm from AI, the company was set on a profitable, technology-forward trajectory.