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FS-ISAC Releases Guidance on the Future State of Generative AI
FS-ISAC has published Charting the Course of AI: Practical Considerations for Financial Services Leaders.
● FS-ISAC releases guidance on the future state of generative AI in financial services.
● The paper helps firms predict the challenges and identify the uncertainties.
Singapore, TechnoBusiness SG ● FS-ISAC, the member-driven, not-for-profit organisation that advances cybersecurity and resilience in the global financial system has published Charting the Course of AI: Practical Considerations for Financial Services Leaders.
This is the latest guidance developed by FS-ISAC’s AI Risk Working Group, a global group of artificial intelligence (AI) and cybersecurity experts at member financial firms, who have produced seminal publications on AI topics for both business and technical audiences.
The paper helps firms predict the challenges and identify the uncertainties involved in the phases of AI solution implementation. Clarifying these will help financial firms better leverage the technology to maximise business impact and minimise risks.
“AI has the ability to completely transform how we do business, but the impact of that transformation largely remains to be seen,” said Mike Silverman, FS-ISAC’s Chief Strategy & Innovation Officer.
“This guidance provides an ‘all-hazards’ approach for firms to thoughtfully manage AI implementations, supporting the resilience of the financial sector and helping to safeguard trust in the global financial system in coming years.”
Challenges for financial firms include the growing need for AI infrastructure, the evolving regulatory landscape, copyright issues, and a shortage of staff skilled in AI. The paper also includes eight key questions to help organisations prepare for future AI uses:
Does your organisation have an AI champion? How does your organisation train employees to interact with and support AI? What mechanisms does your organisation have for identifying and mitigating “shadow AI”? Does your organisation look for data diversity in its training data? Has your organisation already begun considering the risks surrounding AI? Does your organisation deploy GenAI to produce new content? Are AI risks embedded in your risk and control frameworks? Is your organisation planning for the impacts of AI?
In addition, the paper provides realistic short-, medium-, and long-term risk scenarios to help leaders project the outcomes of their choices. By leveraging the guidance, firms can proactively identify opportunities to integrate AI, while understanding and managing corresponding risks.●
—Michael T. Kheilton, TechnoBusiness SG
