- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-10-18T12:00:00
For all the hype surrounding generative artificial intelligence (GenAI), the technology has been met with a healthy skepticism in the compliance community. Compliance practitioners want to know: Is it safe? Can it be deployed ethically? Are the risks greater than the rewards? And what should an AI acceptable use policy contain?
Fundamentally, compliance officers want to know if GenAI tools can provide actionable insights and make business processes more efficient, without compromising data privacy, violating intellectual property rights, injecting bias into decision-making, or creating false or skewed results.
Lisa Wymer, deputy director, IT risk & compliance at the Massachusetts Bay Transportation Authority (MBTA), told an audience at Compliance Week’s AI & Compliance Summit at Boston University on Oct. 9 that using GenAI safely and ethically begins by crafting and implementing an AI acceptable use policy.
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Attend this Compliance Week webinar to synthesize the current ”state-of-play” for current and proposed rules for the ethical and responsible use of AI in financial services settings.
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.
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.
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.
Artificial intelligence is rapidly transforming the business landscape, and this is especially true for anyone working in compliance. But while AI offers immense potential to streamline processes, enhance decision-making, and mitigate risks, it also introduces a new set of challenges that compliance professionals must navigate.
