Privacy Can Be the Compass for Banks’ AI Governance Efforts

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20-12-2024
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The pace of change and innovation around generative AI is dizzying. Many banks are now shifting from an initial focus on efficiency and cost optimization to a strong push on value and growth. Return on investment is the name of the game, and some, like JPMorgan Chase, have predicted revenues in the billions from GenAI.

As use cases in banking expand to areas like risk management and customer service, having the right governance mechanisms in place to ensure that artificial intelligence systems are safe, fair, ethical, transparent and secure can’t be overlooked.

For many, it’s a topic of great concern and uncertainty as the regulatory guidance around AI is in its infancy. A 2023 U.S. executive order on the development and use of AI offered a framework at the federal level.

Meanwhile, some states have attempted to fill the void, including the New York State Department of Financial Services with its recent AI cybersecurity guidance and recommended controls. Colorado was the first to approve a more comprehensive set of rules – though changes may be coming before the law is even implemented – and California, Texas and others will consider their own next year.

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