AI and risk management
Innovating with confidence
Financial services (FS) firms are increasingly incorporating Artificial Intelligence (AI) into their strategies to drive operating and cost efficiencies, as well as critical business transformation programs. Overall, however, adoption of AI in Financial Services is still in its early stages.
This report from the EMEA Centre for Regulatory Strategy discusses some of the key barriers to AI adoption and the pivotal role that effective risk management can play in enabling regulated firms to harness the power of AI and innovate with confidence. It also explores how regulators have been responding to AI solutions, and highlight their key expectations and areas of focus. The report concludes by reflecting on the challenges that AI poses for regulators and how they might respond.
The paper is intended to be a starting point for understanding the implications of AI for existing risk management practices, as well as the broader regulatory context. It is designed to empower organizations to provide more effective challenge and oversight in the development of an AI strategy more generally, and in the development of an AI Risk Management Framework more specifically.
Find out more about BEAT – Deloitte’s AI solution to improve the customer experience in financial services
BEAT (Behavioural and Emotion Analytics Tool) is Deloitte’s unique outcome based voice analytics platform. Using advanced cognitive technology and machine learning models, it monitors voice interactions to produce a risk score based on speech, behavioral and human emotional tendencies.