The adoption of artificial intelligence capabilities is accelerating across the financial industry, creating regulatory challenges
The adoption of artificial intelligence (AI) capabilities, as well as ongoing enhanced analytics and technology advances, is accelerating across financial institutions, creating evolving regulatory and compliance challenges.
Through AI specifically, organizations have an opportunity to increase the potential efficiency and effectiveness of both their operations and compliance processing and analysis via continuously evolving data and model transformation. Yet, AI presents both existing and uniquely applied regulatory and compliance challenges that must be addressed in the governance and controls upfront and ongoing.
To evaluate the unique risks posed by AI, regulators are currently looking to apply existing laws and regulations to define the parameters, or set the “guardrails,” by which they will evaluate AI. KPMG’s newest Point of View paper, AI Compliance in control: Financial services regulatory challenges, highlights the business drivers and actions organizations can take based on areas already subject to heightened regulatory expectations.