Forcustomizable, interpretable modelsthat allow organizations toretain control and avoid vendor lock-in, classic ML models(e.g., regression, decision trees, random forests) are optimal.
From theAI Governance in Practice Report 2024:
"Organizations seeking transparency, customizability, and control often prefer classic ML models due to their flexibility and ease of governance." (p. 33)
* AandCmay have limited transparency and are often tied to specific providers.
* Dinvolves ongoing costs and limited model control.

A privacy impact assessment (PIA) can be effectively leveraged to create an AI impact assessment. A PIA evaluates the potential privacy risks associated with the use of personal data and helps in implementing measures to mitigate those risks. Since AI systems often involve processing large amounts of personal data, the principles and methodologies of a PIA are highly applicable and can be extended to assess broader impacts, including ethical, social, and legal implications of AI. Reference: AIGP Body of Knowledge on Impact Assessments.

Retraining an LLM (Large Language Model) is primarily done to improve or maintain its performance as data changes over time, to fine-tune it for specific use cases, and to incorporate new data interpretations to enhance accuracy and relevance. However, ensuring interpretability of the model's predictions is not typically a reason for retraining. Interpretability relates to how easily the outputs of the model can be understood and explained, which is generally addressed through different techniques or methods rather than through the retraining process itself. References to this can be found in the IAPP AIGP Body of Knowledge discussing model retraining and interpretability as separate concepts.

Under theEU AI Act, serious incidents involvinghigh-risk AI systemsmust be reported. The deployer is required topromptly inform the provider and relevant authoritiesabout the issue.
From theAI Governance in Practice Report 2024:
"Serious incidents involving high-risk systems... must be reported to the provider and relevant market surveillance authority." (p. 35)
"Timely reporting is required when AI systems result in or may result in violations of fundamental rights." (p.
35)

When monitoring the functional performance of a model deployed into production, concerns typically include feature drift, model drift, and data loss. Feature drift refers to changes in the input features that can affect the model's predictions. Model drift is when the model's performance degrades over time due to changes in the data or environment. Data loss can impact the accuracy and reliability of the model. However, system cost, while important for budgeting and financial planning, is not a direct concern when monitoring the functional performance of a deployed model. Reference: AIGP Body of Knowledge on Model Monitoring and Maintenance.