Challenges to widespread artificial intelligence in Financial Services
How to embed AI in your Risk Management Framework?
Artificial Intelligence is not a new concept, but it is only in recent years that financial services 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 quantitiy 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 financial services firms.
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- Behavioural and Emotional Analytics Tool (BEAT)
- Center of Regulatory Strategy
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In this report, we discuss some of the key points in adopting AI into financial services, including:
- Executive summary
- A brief overview of AI
- Challenges to widespread AI adoption in Financial Services
- Embedding AI in your Risk Management Framework
- What are regulators likely to look for?
- Regulating AI - some reflections
Our 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. We hope to empower organisations 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.
Behavioural and Emotional Analytics Tool (BEAT)
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, behavioural and human emotional tendencies.
Center for Regulatory Strategy
The Center for Regulatory Strategy is a source of critical insight and advice, designed to help clients to anticipate change and respond with confidence to the strategic and aggregate impact of national and international regulatory policy.
Want to know more about adopting AI and Risk management in Financial Services? Please contact Ronald Koppen, Eelco Schnelzer or Harmen Meijnen via their contact details below.