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RAPPORT

AI and risk management

Innovating with confidence

Artificial Intelligence (AI) is not a new concept, but it is only in recent years that financial services (FS) firms have started to learn about and understand its full potential.

AI can drive operational and cost efficiencies, as well as strategic business transformation programmes, including better and more tailored customer engagement. However, limited availability of the right quality and quantity of data, insufficient understanding of AI inherent risks, a firm’s culture, and regulation can all act as real, and in some cases, perceived barriers to widespread adoption of AI in FS firms.

EU and international regulators have also taken an active interest in AI, and while they recognise the benefits that AI can bring to financial markets, consumers, and their own work, they are also increasingly mindful of the potential risks and unintended consequences that the use of AI by regulated firms may have.

This is particularly relevant given that, over recent years, the FS sector has been hit by a significant number of financial and other penalties in relation to the mistreatment of customers and market misconduct.

The resulting focus on the fair treatment of customers and market integrity, together with the relatively untried and untested nature of AI in a regulatory context, have meant that FS firms have been understandably cautious about the adoption of AI solutions.

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