In the next five years, generative AI could fundamentally change financial institutions’ risk management by automating, accelerating, and enhancing everything from compliance to climate risk control.
It’s imperative for risk and compliance functions to put guardrails around gen AI’s use in an organization. However, the tech can help the functions themselves improve efficiency and effectiveness. In this article, we discuss how banks can build a flexible, powerful approach to using gen AI in risk and compliance management and identify some crucial topics that function leaders should consider.