Artificial Intelligence (AI) & Models: Impact on Compliance & Best Practices

The real risk is not adoption but lack of awareness and control. Join this cutting-edge webinar for a clear understanding of where AI and advanced models are operating in your institution, what risks they introduce, and how to confidently manage them with practical compliance-ready best practices.

If you think your institution is not utilizing artificial intelligence (AI), you’re very likely mistaken. In its simplest form, your employees are likely using ChatGPT to draft memos or emails. The reality is that AI-based technology has been seeping into the industry for years now. All BSA transaction-monitoring software utilizes AI in some form. So do many credit underwriting and marketing systems. Are you aware of the extent of your institution’s use of these technologies? Have you identified the risks? How about where these processes are going in the future?

There has been quite a lot in the news lately regarding the use of models, algorithms, AI, and evolving technologies in the banking industry. But there is more to it than just AI. Financial institutions are increasingly using so-called “big data” or “nontraditional data” in their operations. This is information not traditionally considered financial in nature – it could be from a consumer’s social media profile, web surfing habits, and more. And this information is available from an increasing number of third parties. The benefits are obvious – more effective marketing, more efficient underwriting of credit, and just an overall sense of better knowing who you’re dealing with. We’ll dig deep into both the benefits and risks of these new technologies, and provide best practice recommendations.