AI governance is crucial for responsible AI workflows, ensuring models are transparent, explainable, and accountable. The global AI market is projected to surpass $500 billion by 2024. Challenges include scaling AI, managing risks, and adhering to rapidly evolving regulations. IBM's Watsonx governance solution addresses these by automating and documenting AI lifecycle processes, enhancing regulatory compliance, and promoting ethical AI principles. Success stories demonstrate the solution's capability to manage AI governance effectively, emphasizing the importance of transparent and responsible AI practices for business innovation and risk management.

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