Despite all the buzz, legal and regulatory uncertainties remain a key challenge to businesses’ use of generative artificial intelligence (AI). There are steps companies can take, however, to manage AI-related risks effectively. This article synthesizes insights regarding AI governance and risk management shared during an Interactive Advertising Bureau program featuring in-house counsel from Under Armour and People Inc. See “AI Governance: Striking the Balance Between Innovation, Ethics and Accountability” (Jun. 18, 2025).