- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-06-21T18:28:00
A new report on the use of artificial intelligence (AI) in financial services predicts that the technology will drive profits, disruptions, and change over the next decade.
The report also predicted that the need for compliance officers to develop frameworks, guardrails, and ethical policies and procedures for the use of generative AI (GenAI) in financial institutions will grow as quickly as the demand to implement it.
The report, “AI in Finance: Bot, Bank and Beyond,” was released Monday by Citi Global Perspectives & Solutions (Citi GPS), a thought leadership division of the banking giant. In addition to insights from Citi’s AI experts, the report also includes interviews with leaders in the financial technology and regulatory technology industries.
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The American Bankers Association sent a letter to the Treasury Department asking questions on the ethical application of generative AI in banking and finance, with an IBM report published the same day describing potential future uses of GenAI tools in finance.
Staff writer Aaron Nicodemus discussed anti-financial crime technology in banking with Hanjo Seibert, managing director and partner of Boston Consulting Group, during the latest episode of the Compliance Week podcast.
Synovus Financial Corp appointed Greg Montana, former executive vice president and chief risk officer of Fidelity National Information Services, to its board of directors, effective Jan. 1.
Data governance has become a key concern for companies, especially when the EU AI Act and General Data Protection Regulation have put a premium on handling data responsibly and ensuring that artificial intelligence does not cause harm.
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.
While companies are exploring and building artificial intelligence technology, lawmakers and regulators are trying to identify what ground rules they need to set. These guardrails are what companies and governments alike believe are essential parts of ensuring safe and responsible use of the technology.
