Artificial Intelligence Risk
Report

Artificial Intelligence Risk

Artificial Intelligence/Machine Learning Risk & Security Working Group (AIRS)
Knowledge@Wharton, 2021
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Editorial Rating

7

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  • Overview
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Financial services providers are increasingly integrating artificial intelligence and machine learning (AI/ML) into their customer service and operations functions. However, because the technologies are still in their infancy, executives are not yet well-versed in AI/ML’s uses, utility and pitfalls. In this informative overview for financial industry professionals, experts participating in the Artificial Intelligence/Machine Learning Risk & Security Working Group (AIRS) provide diverse perspectives on AI/ML risk factors and their mitigation.

Summary

Artificial intelligence and machine learning (AI/ML) are disruptive technologies for the financial services sector.

Companies in financial services are eagerly adopting artificial intelligence and machine learning (AI/ML). AI involves the “simulation of intelligent behavior in computers,” while ML “uses algorithms to process large amounts of data and learn from it.” Financial firms want to leverage AI/ML in four main areas: improving customer service and products, streamlining internal infrastructure and efficiency, optimizing revenue, and enhancing risk mitigation and fraud detection.

However, four AI...

About the Author

The Artificial Intelligence/Machine Learning Risk & Security Working Group (AIRS) is affiliated with the Wharton School of the University of Pennsylvania.

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