Alliance to Meet the Demands of European AI Regulatory Compliance
PwC Germany, the leading auditing and consulting firm in Germany, and Monitaur, an AI governance software company, today announced that they have formed a strategic partnership to advance AI governance to meet the demands of European AI regulatory compliance.
Responsible and ethical AI is a cross-functional business challenge. To deliver assurances, organizations need to implement life cycle governance and auditing practices. Unfortunately, the gap between such strategies and day-to-day operations is wide. This partnership will deliver repeatable and scalable life cycle governance and assurances.
"Auditing AI will help organizations maximize value from the technology by better understanding and minimizing risks, strengthening internal controls, and ensuring compliance with statutory requirements," said Bradley Shimmin, chief analyst at Omdia. "Combining PwC's deep customer expertise and Monitaur's highly adaptive ML Assurance Platform will serve as a positive accelerant throughout the AI marketplace, helping diverse companies more rapidly and with greater assurance build responsible AI outcomes that engender trust among consumers."
PwC Germany is responding to customer demand for assistance in building trust and assurances across their artificial intelligence projects and priorities.
The European Commission drafted the EU AI Act to define a framework addressing the increasing number of risks and challenges in the area of artificial intelligence. The European Commission is not alone in realizing that the need for regulation of AI must be met in a timely manner. Germany, in particular, has established AI regulation standards (AIC4/ IDW PS 861) that require independent audits.
The PwC Germany/Monitaur strategic partnership was formed at this time to prioritize and focus on addressing the regulation of artificial intelligence.
"Building responsible and trustworthy AI programs is a complex challenge for enterprise companies," explained Hendrik Reese, partner at PwC Germany, "but one that is increasingly becoming a top priority in support of corporate strategies and in response to accelerated regulatory expectations."
Monitaur was founded on the mission to deliver software enablement of governance and assurances as the key driver of trust and confidence in AI. The company is building the software required to operationalize responsible and ethical governance at scale in enterprises and leading technology companies. Monitaur's platform offers solutions that support a holistic approach across the model life cycle, from governance policy creation, through stakeholder collaboration, to production monitoring and objective audits.
"As I think about our ultimate mission of creating greater confidence and trust in AI, it is impossible to achieve such impact without strong partners and a robust ecosystem," said Monitaur founding CEO Anthony Habayeb. "PwC shares our vision for the positive potential of AI to improve our everyday lives when well governed. We are well aligned to collaborate to help companies go beyond good intentions to deliver responsible, ethical systems that unlock that potential."
Both companies will collaborate to develop education and governance methodologies to create a more responsible, trustworthy and ethical AI future.
About Monitaur
Monitaur, Inc. is an AI governance software company that goes beyond good intentions. The Monitaur ML Assurance platform is a SaaS suite of integrated products designed for companies using AI to make high-impact decisions. Global organizations use Monitaur to drive policies, collaboration, oversight, monitoring and assurances of responsible and ethical life cycle AI governance. Founded in 2019 by a team of deep domain experts in the areas of corporate innovation, machine learning, assurance, and software development, Monitaur is committed to improving people's lives by providing confidence and trust in AI. For more information, visit https://monitaur.ai, and follow us on LinkedIn.
About PwC Germany
Our clients face diverse challenges, strive to put new ideas into practice, and seek expert advice. They turn to us for comprehensive support and practical solutions that deliver maximum value. Whether for a global player, a family business or a public institution, we leverage all of our assets: experience, industry knowledge, high standards of quality, commitment to innovation, and the resources of our expert network in 156 countries. Building a trusting and cooperative relationship with our clients is particularly important to us the better we know and understand our clients' needs, the more effectively we can support them.
PwC Germany. More than 12,000 dedicated people at 21 locations. €2.4 billion in turnover. The leading auditing and consulting firm in Germany.
All brand names and product names are trademarks or registered trademarks of their respective companies.
Tags: Monitaur, PwC, audit, ML, AI, ethical AI, responsible AI, regulatory compliance, GRC, governance risk and compliance, machine learning, artificial intelligence, AI governance, AI regulation, Machine Learning Assurance, EU AI Act
View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005341/en/
Contacts:
Dottie O'Rourke
TECHMarket Communications
(650) 344-1260
Monitaur@techmarket.com
