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1、1.ExecutivesummaryArtificialIntelligence(AI)isnotanewconcept,butitisonlyinrecentyearsthatfinancialservices(FS)firmshavestartedtolearnaboutandunderstanditsfullpotential.AIcandriveoperationalandcostefficiencies,aswellasstrategicbusinesstransformationprogrammes,inclu
2、dingbetterandmoretailoredcustomerengagement.However,limitedavailabilityoftherightqualityandquantityofdata,insufficientunderstandingofAIinherentrisks,afirm’sculture,andregulationcanallactasreal,andinsomecases,perceivedbarrierstowidespreadadoptionofAIinFSfirms.EUand
3、internationalregulatorshavealsotakenanactiveinterestinAI,andwhiletheyrecognisethebenefitsthatAIcanbringtofinancialmarkets,consumers,andtheirownwork,theyarealsoincreasinglymindfulofthepotentialrisksandunintendedconsequencesthattheuseofAIbyregulatedfirmsmayhave.This
4、isparticularlyrelevantgiventhat,overrecentyears,theFSsectorhasbeenhitbyasignificantnumberoffinancialandotherpenaltiesinrelationtothemistreatmentofcustomersandmarketmisconduct.Theresultingfocusonthefairtreatmentofcustomersandmarketintegrity,togetherwiththerelativel
5、yuntriedanduntestednatureofAIinaregulatorycontext,havemeantthatFSfirmshavebeenunderstandablycautiousabouttheadoptionofAIsolutions.Effectiveriskmanagement,farfrombeinganinhibitorofinnovation,isinfactpivotaltoafirm’ssuccessfuladoptionofAI.Toovercometheseobstacles,r
6、eapthefullbenefitsofAIadoption,andavoidproblemsfurtherdowntheroad,itisimperativeforboardsandseniormanagementtodevelopameaningfulunderstandingofthetechnology,includingitsexistingandpotentialuseswithintheirorganisations,andtakeafirmgripontheimplicationsofAIfromarisk
7、perspective.Inthiscontext,effectiveriskmanagement,farfrombeinganinhibitorofinnovation,isinfactpivotaltoafirm’ssuccessfuladoptionofAI.“Thebiggestchallengeforfirmsislessaboutdealingwithcompletelynewtypesofriskandmoreaboutexistingriskseitherbeinghardertoidentifyinane
8、ffectiveandtimelymanner,ormanifestingthemselvesinunfamiliarways”.Inrelationtothelatterpoint,whichisthefocusofthispaper,webelievethebiggestchallengeforfi
