“The concern is that problems at a single cloud computing company could potentially disrupt services across multiple financial institutions, per the report. Moving data into the cloud is expected to become more complex as the adoption of AI and computing power increases, requiring banks to notify regulators.” https://www.pymnts.com/news/banking/2024/banks-see-risk-in-dependence-on-big-techs-ai-capabilities/
Tag: risk
Risk Managers Grapple With Potential Downsides of AI
“A blind spot for risk managers in financial services is itself becoming a risk: Few say they have the know-how to properly analyze the potential downsides of artificial intelligence. 11%percent of risk managers in banking, capital markets and insurance say they are fully capable of assessing AI-related risks, according to a survey of 683 risk managers…
Banks And Fraudsters Locked In Tech Innovation Race
“Banks’ access to a global pool of customer data is one of the main tools they can leverage to protect consumers from fraud. Like many in banking, Fricke views data as ‘the new oil.’” https://www.google.com/amp/s/www.pymnts.com/news/digital-banking/2019/banks-fraud-tech-innovation-race/amp/
Who Owns Model Risk in an AI World?
As a proponent of AI, this is the type of article that I do not enjoy sharing, because it will scare some people away. However, as an industry professional, I believe it’s critical to understand the benefits and detriments of a new technology, That said, this article is a “must read” for anyone thinking about…