The AI Readiness SIG (special interest group) launched at the beginning of May 2024 as FINOS Member Only SIG, with the goals of mutually developing a governance framework that manages the on-boarding, development of, and running AI-based solutions within financial services organizations - allowing financial services organizations to unlock the potential of this disruptive technology in a safe, trustworthy and compliant way. This panel may discuss, among other ideas:
- How do banks address not only the technological challenges created by AI adoption, but how to also prepare to address the impending regulations that financial regulators will impose on FS organizations, as the regulators try to understand the technology as well. Because as an industry we share unique challenges that the vendors, academics, and startups are not going to solve for us on their own.
- How generative AI presents some new challenges that existing, mature on-boarding technologies in banks may not be well suited to addressing
- Starting to define ‘safe and responsible” use of AI (where safety considers both the customer and the bank)
- Considerations to be made for use-case driven risk modeling, threat analysis, mitigation strategies, and alignment with regulatory expectations.
- Forward thinking on how FS organizations attempt to rapidly adopt new technologies as they emerge
- Next steps a SIG should look at to advance quickly, but safely through this new minefield
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