- 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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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.
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.
Generic drug giant Teva Pharmaceuticals has agreed to pay $450 million to settle two cases brought by the Department of Justice (DOJ), including one alleging that co-pays it made on behalf of Medicare patients constituted illegal kickbacks, and a second action for alleged generic drug price fixing.
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.
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.
