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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-12-08T17:54:00
Artificial intelligence (AI) was highlighted as an emerging risk to the federal banking system by the Treasury Department’s Office of the Comptroller of the Currency (OCC).
The OCC’s risk perspective for fall 2023, published Thursday, included a section dedicated to the impact AI could have on the banking space, both positive and negative.
“The potential for further benefits as AI gains more widespread adoption could be significant,” the report said. “Developments in the technology may reduce costs and increase efficiencies; improve products, services, and performance; strengthen risk management and controls; and expand access to credit and other banking services. Widespread adoption of AI, however, may also present significant challenges relating to compliance risk, credit risk, reputation risk, and operational risk.”
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2024-03-26T19:20:00Z By Aaron Nicodemus
Acting Comptroller of the Currency Michael Hsu argued banks should adopt a “strong sense of fairness” to bolster the effectiveness of their compliance programs, particularly regarding lending decisions guided by AI and machine learning tools.
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