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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About the Intelligent Risk

Intelligent Risk is PRMIA's quarterly publication, bringing all PRMIA members free access to knowledge and information about risk management for financial institutions as well as current information on PRMIA chapters, committees, academic partners, news and events.

Individual articles from each edition are published under our members only Risk Library resources section. PRMIA is sharing select articles from the January 2020 edition with the public. Get more articles like this by joining PRMIA today.

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