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Financial services firms are eager to adopt artificial intelligence but lack essential governance frameworks and compliance protocols. The 2024 AI Benchmarking Survey reveals that only a small percentage of firms have established AI committees or risk management frameworks. This gap exposes firms to significant regulatory scrutiny and operational risks.
Despite 75% of firms exploring AI, many have not realized its potential benefits, particularly in compliance efficiency. Concerns about cybersecurity and regulatory uncertainties hinder AI adoption, highlighting the need for robust governance protocols. The findings emphasize the urgency for firms to develop comprehensive AI strategies to mitigate risks and enhance compliance.
• Only 32% of firms have established an AI governance group.
• 92% of firms lack policies for third-party AI use.
AI governance refers to the frameworks and policies that guide the responsible use of AI technologies.
An AI risk management framework is a structured approach to identifying and mitigating risks associated with AI tools.
Generative AI refers to AI systems that can create content, such as text or images, based on input data.
ACA Group is a governance, risk, and compliance advisor that helps firms build AI governance frameworks.
The National Society of Compliance Professionals supports compliance professionals in the financial services industry.
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