- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-11-04T14:28:00
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence (AI) will be misused to change the outcome of the race.
A majority of Americans worry about AI influencing the presidential election, a recent Pew study found.
And for good reason.
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Regulations are sure to be rolled back under President Donald Trump, but the question is which regulations, and how much? Is your organization as prepared to respond when regulations are loosened as it was when they were tightened?
The era of artificial intelligence adoption is testing the old ways of doing compliance, underscoring the need for continuous monitoring. Compliance isn’t a one-and-done activity, but sometimes organizational incentives and goals fail to prioritize the importance of this.
Artificial intelligence is an exciting, new technology and it is well-regulated by old laws and rules already on the books, financial regulators said at Compliance Week’s AI & Compliance Summit at Boston University.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
