Oldfield Consultancy Wins Funding to Develop AI Risk-Reduction Software
Artificial Intelligence is transforming industries at an extraordinary speed. But along with innovation comes significant financial, legal, and reputational risks. To address these challenges, Oldfield Consultancy has secured major funding to build a groundbreaking software solution designed to minimise risk in AI development. The project has received support from SPRITE+, a consortium formed by leading UK universities, specialised in research related to privacy, security, trust and ethics in AI systems. The funding will enable Oldfield Consultancy to create the Minimum Viable Product (MVP) of a tool that could shape the future of responsible AI development across the UK and beyond. What Is the Aim of This New AI Risk-Reduction Software? AI technologies often fail due to: Oldfield Consultancy’s upcoming software aims to solve these issues by offering: ✔ Automated AI Risk Assessment Analyses models for compliance, fairness, bias, data privacy risks, and governance gaps. ✔ Financial Risk Prediction Identifies potential financial exposure caused by faulty AI models before deployment. ✔ Reputational Risk Monitoring Highlights ethical and brand-damaging vulnerabilities in AI systems. ✔ Compliance-Ready Reporting Generates documentation aligned with global AI regulations, including the EU AI Act and UK AI Governance Framework. Why SPRITE+ Funding Is a Big Deal SPRITE+ is