Management of AI Risks by Peter Plochan
How financial service organizations can mitigate the risks introduced by AI
A featured article of our January 2020 edition of PRMIA's Intelligent Risk quarterly newsletter
Across industries, analysts expect a dramatic increase in adoption of Artificial Intelligence (AI) technology over the next few years. In financial services specifically, the appeal of AI technology is strong and growing, outpacing many other industries.
But what about the challenges of AI technology? Artificial intelligence adds more fuel to the existing fire within banks’ modeling ecosystems. One reason is that it requires increased emphasis on core areas that already demand significant attention – such as data quality and availability, model interpretability, validation, deployment and governance. This consideration can make banks hesitant to move full speed ahead with their AI projects.
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