It is the duty of every legal professional to exercise reasonable care & caution while working with AI-powered Contract Management (CM) tools. Even though AI has outperformed human lawyers in several domains, yet is not perfect. Let’ s read about three such challenges.
Potential Bias in AI Algorithms
Professionals rely on historical data so that AI systems can learn. There are chances of discriminatory or unfair outcomes if such data contains bias. To maintain the fairness & integrity of the CM system, it is important to keep AI systems accountable & transparent.
Privacy Concerns
These AI-based CM tools process huge chunks of data such as clients ‘ information. Therefore, legal teams also need to adopt vigorous data protection practices to protect the privacy rights of such clients by complying with relevant privacy frameworks such as GDPR.
Accountability & Responsibility
The AI-based CM tools impact legal consequences. It is crucial to substantiate clear guidelines on who shall take responsibility for such decisions. To address issues related to prospective biases or errors in decision-making by AI.
