London – November 9, 2022, Holistic AI today sponsored the City and Financial Global’s conference on Regulation and Risk Management of AI in Financial Services. The company’s co-founders, Dr Adriano Koshiyama and Dr Emre Kazim, participated as panellists and event chairs, respectively.
Strong Representation from Regulators and Industry
The event boasted strong representation from both UK regulators and the industry. From the regulatory side, the Financial Conduct Authority, Competition and Markets Authority, and the Bank of England were all in attendance. And from industry, representatives included those from HSBC, Credit Suisse, Starling Bank, IBM, KMPG, EY, Simmons and Simmons and Linklaters.
The attendance of key players signalled a shared commitment to understanding the intersection of financial services and innovative AI, along with the importance of regulation and risk management.
- Collaboration is Key: Collaboration across teams is key to success in AI risk management and regulatory compliance. Teams comprising Data Science, Product Management, Compliance, Risk Management and Executives should have a shared understanding and vocabulary to discuss AI use cases, benefits and risks.
- Innovation: Financial institutions and Regulators are concerned with implementing enough regulation to protect consumers without stifling innovation. This was discussed in the context of ex-Prime Minister Boris Johnson’s ambition to make the UK “a global AI superpower.”
- Global AI Regulation Landscape: The difference in approach between UK, EU, and US regulators and how this could evolve or consolidate over time.
- C-Suite: The C-Suite needs to understand the importance of AI risk management to drive change from the top and ensure that it is given the importance it requires.
- Data and AI: it is critical to ensure that data governance is respected, including which data is used in AI projects, where it comes from, and the processing outcomes.
The summit was a great success and reflective of the growing importance of proper AI governance and risk management and in the coming years is likely to affect most industries.
Stay tuned for more news on future events around AI risk management.
About Holistic AI
Holistic AI is an AI risk management company that aims to empower enterprises to adopt and scale AI confidently. The AI risk management software platform audits and assures AI systems' code, data, policies and processes. As a result, enterprises can maximise their AI's value, minimise reputational, legal and commercial risks, and accelerate innovation.
We have pioneered the field of AI risk management and have deep practical experience auditing AI systems, having reviewed over 100+ enterprise AI projects covering 20k+ different algorithms. Our clients and partners include Fortune 500 corporations, SMEs, governments and regulators.