Responsible AI and Data Ethics in Financial Industry: Advancing Trust and Accountability
Financial services firms across Europe are moving quickly to implement AI. Yet more than half the executives running those companies admit their organizations are not prepared for the risks AI will bring, according to EY.
Rapid advances in technology, combined with regulatory uncertainty, are hampering efforts by banks, insurers, and wealth management firms to manage their AI implementations securely.
The stakes are high. The European Union (EU) AI Act threatens fines up to €35 million or 7% of global turnover for non-compliance.
To explore how banks can improve risk controls and embed responsible AI and data ethics across their organizations, the Qorus Digital Reinvention Community and EY hosted an online event that featured three specialists from across the financial services industry. EY’s Bernadette Wesdorp was joined by Silvia Tessaro Trapani from Intesa Sanpaolo and Beyazit Karabulut from Akbank.
The speakers described how banks can build on their risk and governance frameworks to better accommodate the challenges of AI and enhance the resilience and performance of their organizations.
Key takeaways
- 57% of financial services executives in Europe say their organization’s approach to risk is insufficient for AI.
- 31% of financial services firms in Europe report gaps in their AI controls.
- The European Union (EU) AI Act threatens fines of up to €35 million or 7% of global turnover for operators of non-compliant high-risk systems.
- Human oversight across AI systems and processes is critical to establishing responsible AI.
- Responsible AI strengthens trust among employees, business partners, and customers, and boosts business performance.
