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- 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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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-08-15T17:55:00Z By Aaron Nicodemus
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.
2024-08-13T13:10:00Z By Aaron Nicodemus
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.
2024-10-23T15:45:00Z By Adrianne Appel
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau (CFPB).
2024-10-18T12:00:00Z By Aaron Nicodemus
For all the hype surrounding generative artificial intelligence, 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?
2024-10-11T19:20:00Z By Neil Hodge
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.
2024-08-22T15:32:00Z By Amii Barnard-Bahn
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.
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