- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-03-29T17:51:00
A Treasury Department report assessing the use of artificial intelligence tools by the financial sector identified a “growing capability gap” in in-house AI use between large and small financial institutions.
The report, released Wednesday by the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP), identified “significant opportunities and challenges that AI presents to the security and resiliency of the financial services sector. The report outlines a series of next steps to address immediate AI-related operational risk, cybersecurity, and fraud challenges,” according to a press release.
The report was written in response to President Joe Biden’s executive order on the trustworthy development and use of AI, issued in October. The OCCIP conducted in-depth interviews with 42 financial services and technology-related companies, ranging from global systemically important financial institutions to local banks and credit unions.
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