AI for Fund Managers and Beyond: How to Automate the Legal Department and Maintain Privacy

Artificial intelligence can be used to increase the effectiveness of in-house legal departments, allowing attorneys to focus more of their time on value-adding, strategic services. Leveraging AI in this way does, however, entail risks, so companies must ensure it is properly integrated and, given that AI may increase the types of data that they collect, reassess their compliance with applicable privacy laws. This final article of a three-part series evaluates how entities can automate their legal departments and what they should do to ensure that they maintain their data subjects’ privacy. The first article explored how AI can be used, how to determine what functions to automate, what obstacles may interfere with implementing AI solutions and whether humans are still needed in the process. The second article analyzed what the U.S. government and others are doing to both promote AI and foster its responsible use; how fund managers should diligence and contract with third-party AI service providers; and what risks of bias exist. See “Using Big Data Legally and Ethically While Leveraging Its Value (Part One of Two)” (May 17, 2017); Part Two (May 31, 2017).

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