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Generative AI is advancing rapidly, and it's important that effective risk management strategies evolve along with it. Regulators around the world are moving fast to set up legislative frameworks/requirements on the usage of AI. This is pushing large enterprises, including financial institutions, to ensure that they set up the appropriate risk management, governance, and control routines to secure the use of AI systems and prepare today for upcoming legislations.
What approach should financial services institutions take for safe, secure, and compliant adoption of Generative AI?
Join IBM Financial Services Cloud experts @Asif Riaz and @David Kliemann on Thursday, December 7, 2023, at 11:00AM ET/ 5:00PM CET for a live webinar: A Trusted and Secure Generative AI Adoption Approach for Financial Services. Do not miss this unique opportunity to learn about Generative AI in the context of financial services, and get your questions answered by IBM experts.
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@Krista Summitt thanks for posting -
I applaud the work that @Aly Farooqui, @David Kliemann and @Asif Riaz are doing with this - my two cents we need a bigger picture perspective - and expounding on a conversation that @Jose Arias CISSP, ITIL and I are having - where he suggested to look at DORA - which @Anne Leslie posted a great white paper for - coming from European multi-nationals - UBS and BNPP I am a fan of the DORA efforts in the EU efforts - however similar to the challenges I brought up to ESMA and EU Parliament more than a decade ago (and as an old man I am watching history repeat itself) - we are already seeing in the global multi-national banks regulatory arbitrage and fragmentation of standards and best practices - DORA is really a good proactive and comprehensive approach to digital operational resilience, its implementation and integration into workflows and policies and procedures in FIs is already causing several issues and risks, including technology and regulatory fragmentation. From a global perspective other regions and countries are already working to develop their own regulations, creating the fragmentation and lack of harmonization. The IT/tech debt, complexity (data and security risks) and Compliance burden, resources applied to analysis and implementing various inconsistent regulations will undoubtedly impact efficiency of operations, just AU and IRP will be a nightmare.
So the unintended consequence as I pleaded to ESMA for MiFID a decade ago will be an onerous impact on smaller and mid-sized FIs. In a global and digitalized financial services world there needs international collaboration for common frameworks and standards - not just on resilience but also AI governance and policy makers need to harmonize. The impact will be regulatory arbitrage, massive risks for cross border data flows and exfiltration, huge issues for audit and incidence responsiveness, and the losers will always be the smaller entities because they do not have the resources or intellectual capital and from a longer term synoptic perspective the world loses because it stifles innovation.