The demand for AI technology has literally exploded over the last couple of years and the growth rate is not going to slow down anytime soon. One company estimates that it will grow 2,600% over the next decade.
There are a lot of good things about AI, but there are also some reasons that it can cause issues in some industries, including the legal and finance sectors. People that work in both of these sectors are going to need to be aware of the growing risks of AI and take reasonable steps to avoid them.
One of the most important things that they will need to do is invest in AI detection technology. One great tool that many firms are starting to look at is aidetector.com. This is going to be important to help them comply with new regulations.
What Are Some of the Reasons AI Detection is Important These Businesses?
There are a number of reasons that it is important for legal and financial professionals to know whether content has been generated with AI or not. Here are some of the ways that AI detection software can help with compliance.
Helping Attorneys Avoid Making Fallacious Arguments Based on Non-Existent Case Law or Precedents
Some attorneys have already gotten into a lot of trouble for using AI to create legal briefs. The biggest problem is that AI sometimes completely makes up case law and legal precedents, which will lead to seriously flawed legal arguments. One law firm was fined $5,000 after making this mistake.
This is possibly the single biggest reason that anybody working in the legal sector needs to be extremely cautious about using AI. Fortunately, AI detectors can help avoid most of these issues. It may save them from serious fines or disbarment.
Adhering to Personal Data Protection Requirements
A growing number of jurisdictions are developing regulations to protect consumer data. The biggest landmark legislation was the Global Data Protection Requirement that was passed in the European Union in 2016.
Unfortunately, it can be difficult for companies to make sure that they are always in compliance with these regulations when AI is being used to create content. Generative AI tools don’t always understand the nuances of data protection regulations. They might be instructed to create content based on available data sets and might not understand how to segregate protected data to stay in compliance.
This is one of the most important reasons that companies need to use AI detection software. If they are aware that AI was used to create financial reports, onsite content, newsletters or other documents, then they will realize that they need to scrutinize it more carefully to make sure that it adheres to these requirements.
Safeguarding Attorney-Client Privilege in the Legal Sector
Attorney-client privilege is one of the most important principles in the legal profession. Any attorneys that violate this sacred requirement risk getting disbarred and heavily sanctioned.
Unfortunately, generative AI tools don’t always understand the boundaries of ethical guidelines such as attorney-client privilege. They might incorporate datasets that were uploaded to their platform and not realize that some of them unintentionally included sensitive details about various clients. They might generate content that shares private information, which will open up a huge can of worms if it is released to anybody other than the attorney that was supposed to have access to the case file.
AI detection software can help law firms recognize the potential risk of this problem. They will know that they need to carefully screen any content that is flagged as being generated with AI to make sure that it doesn’t include sensitive information about the clients.
Recognizing the Need to Create an Audit Trail for Financial Professionals
Financial professionals are often required to create documentation showing how decisions were made. This is essential for developing an audit trail.
Unfortunately, reports made with AI have a hard time satisfying this requirement, especially if the top decision-makers weren’t aware that AI was even used in the first place. They can at least satisfy some of the requirements if they can document that AI was used in the process. Then they can reverse engineer the process or ask the AI to clarify the steps that it took to meet auditing requirements.
AI Detection is Invaluable for Meeting Compliance Requirements in the Finance and Legal Sectors
There are a lot of positive and negative changes that have been brought about by AI. While AI technology can make it easier for people in many professions to do their jobs more efficiently, it also creates a lot of challenges when it comes to compliance. This is one of the reasons more people in the legal and financial sectors need to invest in AI detection software. It will help them recognize when content is made with AI, so they can double-check it for compliance concerns and create appropriate audit trails.