All Artificial Intelligence articles – Page 4
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Experts: Copyright, IP concerns top of mind with AI use
Companies need to be aware of the legal risks and liabilities associated with their use of AI-based technologies, as technology firms are not the only ones in regulators’ sights, a panel of experts discussed at Compliance Week’s Europe conference in London.
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Q&A: Bangladeshi compliance AVP on future of AML, leadership strategies
Rezaul Karim, assistant vice president, risk and compliance at HSBC Bangladesh, discusses with Compliance Week recent changes in KYC/AML compliance, how new technology is shaping the banking industry, and strategies for building and leading effective AML teams.
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Humans vs. machines, it all comes back to data
A panel of experts discussed trending topics in the compliance space, including the debate over whether humans or machines will lead future efforts to fight financial crime, during the opening keynote at Compliance Week’s Europe conference in London.
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OCC examiners to focus 2024 attention on risks that led to bank failures
Bank examiners from the Office of the Comptroller of the Currency are focusing their supervision attention on how banks manage risks that brought down three mid-sized financial institutions earlier this year.
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NIST framework might help organizations prepare for AI regulations
The new artificial intelligence framework released by the National Institute of Standards and Technology is not a checklist for AI but might help organizations better manage the risks associated with the technology.
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News Brief
CFPB warns lenders on use of AI in credit denial process
The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
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Webcast
Webcast: How to build a responsible, compliant, and ethical AI program
Artificial intelligence is rapidly transforming the way businesses operate. As AI becomes more pervasive, it is essential for organizations to have a strong AI governance program in place to mitigate risks while capitalizing on value.
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Big Tech wants AI ‘referee,’ but lawmakers differ on approach to regs
Federal lawmakers shined a spotlight on artificial intelligence this week, raising the possibility that Congress will—eventually—legislate some controls on the burgeoning technology should middle ground be found.
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CPE Webcast: Harnessing the power of generative AI in financial services
This webinar aims to provide a comprehensive overview of how the financial industry can harness the potential of generative artificial intelligence while navigating the implications it presents for digital communications and compliance.
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Companies get say on Biden executive order restricting China tech investments
President Joe Biden’s recent executive order to restrict certain outbound investments to China offers an opportunity for companies to help shape the program by offering input through comment.
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CFPB’s Chopra teases new rules for data brokers at White House roundtable
The Consumer Financial Protection Bureau is moving forward with plans to propose new rules for data brokers that would regulate their personal data gathering activities under the Fair Credit Reporting Act.
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News Brief
Fed report highlights emerging cyber threats, including generative AI
The Federal Reserve listed the proliferation of generative artificial intelligence tools among areas of emerging cybersecurity threats for banks to monitor as part of its annual resilience report.
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Need to know: New York City AI bias law
Companies that use automated tools to screen candidates for jobs based in New York City must check those systems for bias or potentially run afoul of a first-in-the-nation law.
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IBM report: Data breach costs at all-time high; AI helping detection
The global average cost of a data breach reached a new all-time high of $4.45 million in 2023, according to IBM’s annual report.
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News Brief
Tech giants, White House agree to AI risk management guidelines
Technology companies including Google, Meta, and OpenAI agreed to a series of voluntary commitments they’ll make regarding their management of risks when developing artificial intelligence systems.
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Experts: Ways to stay ahead of generative AI risks
Not all companies can rely on bans or restrictions to employee use of generative artificial intelligence like ChatGPT. Instead of telling people what they can’t do, focus on what they can do.
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Kroll survey: Firms rapidly adopting AI tools for financial crime compliance
A new survey of senior leaders and risk professionals from around the world found more than half the respondents have turned to artificial intelligence technology to address a perceived rise in financial crime risks, although most solutions are still rather new.
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Webcast
CPE Webcast: It’s 10 p.m. Do you know where your data is?
This webinar will provide practical guidelines for compliance professionals to address the pervasive issue of unmanaged data.
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Experts: Pressure on compliance to begin assessing AI Act impact
Compliance functions are largely unprepared for the European Union’s AI Act, with many still unaware of what artificial intelligence their organizations are using or the risks the technology poses to their business, according to experts.
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Google Cloud touts impact of new AML AI product
Google Cloud launched a new anti-money laundering product for financial institutions that utilizes artificial intelligence and machine learning to replace manually defined rules used to spot suspicious transactions.