Probability & Partners’ Post

Artificial Intelligence is reshaping financial services in ways we couldn't have imagined a few years ago: from fraud detection to risk assessment, credit scoring, and even financial advice, #AI is enhancing critical aspects of the industry. But I think that the real question isn’t if AI can transform financial services, it is how we can harness its potential responsibly, while maintaining high standards of governance and ethics. That's why I was delighted to participate in the AI Bootcamp hosted by Altus Consulting for senior leaders in financial services. The session, led by experts in data, AI, technology, and governance, provided an insightful deep dive into the opportunities and challenges that AI presents for the FS industry. Big thanks to Martyn Evans, Sarah Bateman, John Kinson, and Sue Turner OBE for such a valuable workshop. I’m excited about how AI can enhance customer experience, improve customer outcomes, optimise operations, and drive innovation and value creation; but responsible and ethical use must be a priority. And while AI is a shared responsibility across the organisation, boards and executive leadership play a crucial role in guiding this transformation and in fostering a culture of responsible use of AI. This means ensuring high ethical standards, implementing robust controls and data protection measures, maintaining regulatory compliance, and upholding strong governance practices. — I’d love to hear from fellow FS leaders: What steps are you taking to leverage AI responsibly? How are you addressing the balance between innovation and risk management? How is your organisation navigating the AI landscape?   #FinancialServices #FS #Data #AI #Risk #Governance

AI Governance is a complex task as it involves multiple teams across an organization, working to understand and evaluate the risks of dozens of AI use cases, and managing highly complex models with deep supply chains. On top of the organizational and technical complexity, AI can be used for a wide range of purposes, some of which are relatively safe (e.g. email spam filter), while others pose serious risks (e.g. medical recommendation system). Organizations want to be responsible with their AI use, but struggle to balance innovation and adoption of AI for low risk uses, with oversight and risk management for high risk uses. To manage this, organizations need to adopt a multi-tiered governance approach in order to allow for easy, safe experimentation from development teams, with clear escalation points for riskier uses. In this post we describe 3 lines of defense that organizations can adopt to ensure good AI governance. These lines of defense largely map to model risk management requirements present in the financial services industry, with some modifications and adjustments. Read more here -> https://lnkd.in/ettX6rKM #ai #aigovernance #responsibleai #airiskmanagement

AI innovation and disruption looks different for every company. This paper by FTI Technology's Global CEO, Sophie Ross, covers how organizations can balance technological advancement with risk management at every stage of their AI journey. She draws on decades of experience in using advanced analytics and AI to support defensible, efficient processes for legal and compliance teams and shares insights from FTI Technology's testing, development and client matters. 💡 Learn more about Sophie's philosophy around generative AI and the framework behind IQ․AI by FTI Technology in our latest white paper: https://bit.ly/4exurI7 #IQAI

The Future of AI is Now: Are You Ready? #TheScoreboardGroup Artificial intelligence (AI) is rapidly transforming every industry. But how can you leverage its power for your business? While AI holds immense potential, navigating its complexities can be daunting. That's where a consultant approach comes in. Here's why a consultant is your best bet: Strategic Roadmap: Develop a data-driven plan for AI implementation, customized for your specific needs. Risk Management: Identify and mitigate potential challenges to ensure a smooth AI adoption process. Maximized ROI: Focus on AI applications that deliver the most significant return on investment. **Don't get left behind. The Scoreboard Group can help you unlock the power of AI. ** #FutureOfWork #AIAdoption #TheScoreboardGroup

📖 We're thrilled to share our latest blog: "Crafting an Effective AI Use Policy Template: A Guide for Businesses". This comprehensive post is designed to equip your organization with a pragmatic approach to AI policy development. 🗝️ Key Takeaways: - Learn the foundations of a robust AI policy based on principles of responsible AI, risk management, and AI governance. - Discover how to customize your AI policy to reflect your unique business needs and objectives. - Explore best practices for implementing your AI policy and fostering a culture of innovation. 🔗 Read the full blog here https://lnkd.in/e5BNjD-a Whether you're just beginning to explore AI integration or looking to refine your existing policies, this guide provides actionable insights and a practical AI policy template. 📌 Let's navigate the complexities of AI together and harness its potential ethically and efficiently. Feel free to connect with us and join the conversation as we explore more about the transformative power of AI in business. #AIGovernance #AIethics #ResponsibleAI #AIintegration #BusinessStrategy #AIforBusiness

A recent survey of businesses with 1,000 or fewer employees found that the #1 strategic objective for 2024 is to harness AI to streamline operations. But concerns about AI and risks to security and ethics persist. Learn about the state of AI adoption and risk management must-haves by reading our blog. #artificialintelligence #productivity #businessrisk #riskmanagement

89% of executives believe AI is necessary to stay competitive, but only 56% say their companies have a clear AI strategy and only 28% see their AI strategy as closely aligned with broader business objectives, according to a Trust in AI Survey. While I strongly believe every organization should be experimenting with AI – something we’ve been doing A LOT at Diligent lately – it needs to be done within the context of the wider business strategy and uphold the highest standards of employee and customer safety and security. Integrating AI in business strategy - more specifically risk management - allows GRC professionals to streamline workflows, adapt to regulatory changes and effectively communicate key insights to stakeholders at all levels. https://lnkd.in/e3pnr_Uh

𝗔𝗿𝘁𝗶𝗳𝗶𝗰𝗶𝗮𝗹 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲: 𝗴𝗿𝗲𝗮𝘁 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗰𝗼𝘂𝗽𝗹𝗲𝗱 𝘄𝗶𝘁𝗵 𝗵𝘂𝗴𝗲 𝗿𝗶𝘀𝗸𝘀 Safeguard your assets in the age of #AI: check out the #infographic below, offered to you by SwanAdvisory. Next week we will publish our #whitepaper, here on LinkedIn. Short summary: ✔ Technology leaders say #AI implementation introduces moderate to high-risk concerns ✔ Most companies are still in the early stages of evaluating #risk and risk mitigation strategies ✔ #AI technologies are drastically outpacing the speed at which laws and regulations are evolving Business Owner, Treasurer or Risk Manager? Delve deeper into the subject with SwanAdvisory, learn more about all of the key findings on #AI in our whitepaper and fortify your defenses! Follow SwanAdvisory on this platform: whitepaper "𝗔𝗥𝗧𝗜𝗙𝗜𝗖𝗜𝗔𝗟 𝗜𝗡𝗧𝗘𝗟𝗟𝗜𝗚𝗘𝗡𝗖𝗘 𝗥𝗜𝗦𝗞𝗦: 𝗧𝗥𝗘𝗡𝗗𝗦 𝟮𝟬𝟮𝟰" will be available next week! 📖

Invest in strong AI trust and risk management practices to leverage the potential of gen AI agents in transforming work and improving service quality. #AItrustmanagement #innovativeAItechnology #genAIagents #AIsolutions #automationstrategies At Grow Scale Win™, we're all about using AI to enhance productivity and efficiency. That's why we've built the AI Growth System™, a truly holistic approach to growing your business. You get a personalized growth strategy and a full suite of AI powered tools to generate leads, nurture prospects, and close sales. Learn more at www.growscalewin.com. DM us with any questions. Read more about this post here: https://lnkd.in/eiskVgT6

Unlock the power of AI with IT Ridge Inc! 🌐 From transforming customer service with smart bots to enhancing real-time operations management, AI is revolutionizing the way businesses function. Dive deep into predictive analytics for more informed decisions, fuel research & development with advanced insights, and mitigate risks with risk management & analytics. Whether it's customer insight or optimizing the supply chain, AI is everywhere—helping businesses stay ahead of the curve. Let AI shape your future in fraud detection, human resources, pricing & promotion, and more. 📞Contact Us Today 🌐 Visit us: www.itridge.com 👉 Call us: +1469-990-1010 📧 Email: sri@itridge.com #itridgeinc #ai #artificialintelligence #aiuses #learningai #aitraining #ailearning #predictiveanalytics #realtimeoperations #riskmanagement #frauddetection #supplychain #customerexperience #humancenteredai #aiinnovation #datadriven #businessintelligence #machinelearning #digitaltransformation #aiinsights #aiinbusiness #smartsystems #knowledgecreation #aioptimization