- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-04-11T19:10:00
With generative artificial intelligence (AI) tools coming to the forefront, companies are confronting the question of how to safely and effectively use OpenAI’s ChatGPT, Microsoft’s new ChatGPT-powered Bing, and Google’s Bard.
If your firm implements other AI tools like algorithms that sift massive data sets or frameworks to vet the value of a digital acquisition, you’ve already got a template. It’s just a matter of asking the right questions.
Generative AI is a type of technology that can take actions from past data with the ability to create “brand-new content—a text, an image, even computer code—instead of simply categorizing or identifying data like other AI,” Reuters reported.
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Warning of an “eventual reckoning” on artificial intelligence use by financial institutions, the acting head of the Office of the Comptroller of the Currency said the industry should learn lessons on how similar disruptive technologies evolved from being helpful to dangerous.
The Federal Trade Commission is closely tracking company use of artificial intelligence tools for possible rule violations involving deception, discrimination, excessive manipulation, or unfairness.
Scrutiny into ChatGPT has reignited concerns the General Data Protection Regulation is either stifling innovations in technology or that the legislation is not flexible enough to keep pace with technological advances. Experts weigh in.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
