Boomi Unveils Enterprise GenAI Governance Framework for AI Risk Management

Boomi

CONSHOHOCKEN, PABoomi™, in collaboration with professors from top universities, has introduced the Enterprise GenAI Governance Framework. This is the first-ever risk management framework designed specifically for generative artificial intelligence (GenAI). Developed with input from over 1,000 business leaders, academics, and industry bodies, the framework offers organizations a detailed guide to assess AI readiness and manage associated risks.

The framework, created with contributions from David Wood of Brigham Young University, Scott Emett of Arizona State University, and Marc Eulerich of the University of Duisberg-Essen, provides a methodology for businesses to adopt AI responsibly. It can be customized to fit various company needs and risk appetites. The framework aims to empower those in charge of risk management, such as Internal Audit, IT/CISO, Legal, and Audit Committees, to identify and address high-priority exposures proactively. It also helps in pinpointing vulnerabilities and implementing controls for secure GenAI deployment.

“Effective AI adoption will be a massive competitive advantage, but many don’t know where to start and how to apply it,” said Jeff Pickett, Chair and Founder at Connor Group. He noted the rapid arrival of new AI tools and stressed the importance of having a smart AI adoption strategy with the right controls, data, and processes.

Waseem Samaan, Chief Audit and Risk Officer at Boomi, emphasized the framework’s practicality. “At Boomi, we understand the power of clarity and action. The Enterprise GenAI Governance Framework provides a one-page summary ideal for boardroom discussions, along with detailed controls for practical implementation. It’s designed not only to be adopted but also to be adapted, allowing companies to assess their compliance and maturity, identifying areas of strength and opportunities for improvement,” he said.

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To further enhance the framework’s utility, companies can use the GenAI Governance Framework Maturity Model. Developed by the collaborating professors, this model helps businesses evaluate their current governance practices, identify areas for improvement, and plan strategically for future enhancements. By assessing maturity levels across various control considerations, companies can gain insights into their strengths and weaknesses, enabling targeted actions to improve AI governance.

The framework and maturity model represent significant steps in helping organizations navigate the complexities of AI adoption, ensuring they are prepared for the challenges and opportunities that come with GenAI technologies.

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