F100 Payments Company Enlists Axiom to Build Artificial Intelligence Policies

Challenge

A Fortune 100 financial services company wants to build out enterprise-wide artificial intelligence (AI) policies and functionality. But before they can launch, they need to clear risk management concerns and build out the proper governance structures. They need a lawyer they can trust to help them navigate the AI implementation process.

Approach

An Axiom lawyer supported the lead AI counsel to build an AI governance structure from the ground up.  Over several months, the Axiom lawyer liaised with the risk management team as well as the privacy team to help build a risk management framework, draft policies & procedures, create charters and committees for AI usage, and approve primary use-cases. He also worked with the lead AI counsel to identify the risks associated with AI (and determine which are covered by existing risk pillars and which are novel) to determine the formation of a new AI practice sitting within the legal department.

Impact 

• Deeply embedded Axiom lawyer created a solid framework for safe and effective AI implementation, incorporating stakeholders across departments such as risk management, privacy, regulatory affairs, etc.
• Strategic guidance from experienced AI lawyer laid the foundation to establish a dedicated AI practice within the legal department.
• Co-managed external counsel relationships for AI projects including the European Union AI Act, as well as federal and State US matters.

*Cost savings estimates are based on actual Axiom rates compared to equivalent law firm rate averages as listed in Wolters Kluwer’s Real Rate report.