- 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.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership limited time offer
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Annual Membership $499
Full price one year membership.
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.
Companies are increasingly putting their faith in AI to realize the kind of business benefits that the technology seems to promise, but they are also opening themselves up to new and potentially crippling sanctions if they are unable to answer questions that surround how AI operates.
When starting artificial intelligence efforts for companies large or small, one approach compliance practitioners said they’ve found works best is to start with a specific use case.
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.
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.
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.
