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Replay: A Trusted and Secure Generative AI Adoption Approach for Financial Services

By Krista Summitt posted Wed December 13, 2023 11:20 AM

  

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 legislation.

IBM Financial Services Cloud experts @Asif Riaz and @David Kliemann 
present the approach financial services institutions should take for safe, secure, and compliant adoption of Generative AI in this replay of the live webinar from Thursday, December 7, 2023. This webinar was sponsored by the IBM Financial Services Cloud Council and Forum Community 

 

To register and watch the replay, visit: https://ibm.biz/BdStRc
Slide deck available to download just below the replay.  


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Mon December 18, 2023 07:40 AM

Coming to the end of the year regulators are working to put out AI legislation - this past week California has pushed the California's Draft AI-related Rules under the CCPA, Canada has pushed Canada's Artificial Intelligence and Data Act (AIDA) and of course the EU AI Act and the UK Act are both pushing as well.  All of these evidence that there is a growing and dire need for regulation and frameworks that is being put together in the Council and Forum.

The challenge remains that there is a lack of consistency and harmonization that can leave both technology companies and especially financial institutions in a quagmire.  As a simple example - California's CCPA enforces rules with fines of up to $2,500 per violation or $7,500 per intentional violation, where as the EU AI Act: Imposes much more severe fines for non-compliance, ranging potentially up to 35 million euros or 7% of global turnover of a financial institution.  Canada and the UK have stated enforcement and penalties and potential criminal offenses without specifics.  The need for frameworks is becoming critical as some of these intend to go into effect in 2024.