With more and more firms looking to procure artificial intelligence (AI) systems, which is only going to become more prevalent, it is important for firms to build in adequate due diligence measures as part of their supplier onboarding processes. This will help ensure compliance with legal and regulatory obligations, and will also assure the integrity, functionality and performance of the AI solution.

Many firms will have some onboarding processes already in place. These are likely to include a mix of assurance processes in respect of a) the supplier’s business operations and b) the digital solutions being procured.

The former may include obtaining assurances regarding anti-money laundering, anti-bribery and anti-fraud. It may also include assurances about the supplier’s financial standing.