A diverse set of stakeholders implement, operate, regulate and utilize AI technologies in the financial sector. These include:
Auditors and internal control teams:Responsible for assessing the effectiveness of AI systems, these individuals and groups conduct audits to identify potential issues and risks and ensure efficiency, accuracy and compliance.
Chief information officers (CIOs) and chief technology officers (CTOs):As overseers of the organization’s technical infrastructure, CIOs and CTOs make key decisions regarding AI implementation, usage and security.
Customers:A positive user experience with AI-driven apps is necessary for customers and end users to have confidence and trust in the financial organization.
Developers:AI developers are responsible for designing and implementing AI systems into the organization, and ensuring their accuracy and effectiveness.
Ethics and diversity officers:Organizations task these individuals with guarding against bias, ensuring fairness and inclusivity in the use of AI.
Executives:Top executives and the Board of Directors make strategic decisions regarding the implementation and use of AI initiatives and their proper management.
Financial organizations:Banks, investment firms and other financial institutions deploy AI to increase the effectiveness of fraud detection, risk management, underwriting, investment strategies and customer service.
Legal teams:These teams work with regulators to ensure that AI applications comply with relevant laws and industry regulations.
Risk management teams:As AI is often used for assessing and mitigating risk in financial organizations, these teams monitor the effectiveness of the AI systems.