How can firms self-regulate their use of Generative AI?

In this episode of EY.ai Unplugged, Abbas Godhrawala, Partner – Digital Risk Consulting, EY India, explores the growing need for robust regulations in the age of Generative AI. As AI capabilities expand rapidly, so do the ethical and governance challenges. Abbas highlights why it is critical for India to build a flexible, inclusive regulatory framework and participate in global discussions to stay competitive and compliant.

Key takeaways

Urgency of regulation: Generative AI’s potential for misuse makes real-time regulatory monitoring essential.
Global momentum: Frameworks like the EU AI Act, NIST AI-RMF, ISO 42001, and HITRUST are shaping global compliance norms.
India’s evolving stance: While formal AI laws are still emerging, national strategies and principles for responsible AI are guiding initial steps.
Global alignment: India must engage internationally to ensure local innovations meet global regulatory standards.

For your convenience, a full text transcript of this podcast is available on the link below:

Abbas: Hello, good morning everyone. My name is Abbas Godhrawala. I am a Partner in the Risk Consulting practice at Ernst & Young. It is an honor to speak to you about a subject that is not only technologically advanced but also critical for the progression of our society—the need to monitor Generative AI regulations.

As Generative AI continues to redefine the boundaries of creativity and innovation, it brings with it a host of ethical, legal, and social implications that demand our immediate attention. The power of AI to generate new content, ideas, and solutions is immense, and so is the potential for misuse if it remains unchecked. This is why monitoring the regulatory framework for Generative AI is imperative.

Globally, the response to Generative AI regulations has been swift, with the publication of the EU AI Act. Further, leading international bodies like HITRUST are updating their common security frameworks to include AI-specific risk management.

We also have the NIST AI-RMF and international standards like ISO 42001 and ISO 23894, which provide comprehensive guidelines for managing AI-related risk. In India, while there are no explicit regulations currently governing AI, efforts are underway to create a regulatory framework, including the guidance provided by the National Strategy for Artificial Intelligence and the principles for Responsible AI published by NITI Aayog.

At EY, we have also developed our Generative AI Risk and Governance Framework, where we begin by evaluating the organization's current policies and security measures, as well as understanding their AI strategy. In line with the firm’s principle of Responsible AI, we perform an in-depth risk analysis of the client's AI solution, identifying potential risks and proposing controls to mitigate them.

In conclusion, it is vital for India to adopt a regulatory stance that is flexible and inclusive, engaging with stakeholders from various sectors. India must participate in global discussions to align regulations, ensuring that Indian companies can compete internationally while meeting global standards.

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Podcast

Episode 19

Duration

3m 13s

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How can firms self-regulate their use of Generative AI?

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