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Identifying and addressing the risks of AI through regulations, compliance controls and technical design
Journal of Financial Compliance,
8
(2),
112-130
(2024)
Abstract
This paper will identify and examine the various aspects of artificial intelligence (AI), surface the risks associated with AI, and provide compelling governance, compliance and technical solutions to mitigate those risks. AI is destined to accelerate the pace of change and development in multiple fields; however, with its great advances come great risks that need to be addressed.
Keywords: artificial intelligence; compliance; regulations; risk management; controls; GenAI; LLMs
The full article is available to subscribers to the journal.
Author's Biography
Sudhanshu Bahadur is Head of Technology for Global Asset Management at BMO Financial Group. He has extensive banking, consulting and product experience spanning 25+ years in leadership positions in the capital markets and asset management industry. He has deep expertise in defining and executing technology vision and strategy for the investment management, prime brokerage, derivatives processing, risk management and data strategy functions. His latest pursuits are in the areas of AI/ML, cloud computing and Big Data analytics.
Kuno Tucker is the Chief Compliance Officer at Manulife Wealth and an adjunct professor of corporate governance at York University, Toronto. He has served in various senior executive roles in his 29 years of experience in the financial industry and has lectured on topics ranging from strategy, corporate governance, FinTech, AI, compliance and AML. He has been a keen student of FinTech for several years and has recently deployed safe but effective uses of AI in the field.
