Updated: Mar 8
This is a reprint of an article published in ITWorldCanada, March 4, 2021.
Institutions across the financial services sector have embraced the use of AI and machine learning to reduce costs and risk. Applications from automating client support interactions and assessing a client’s creditworthiness to detecting and preventing fraudulent credit card activities have boosted efficiency while also providing enhanced consumer protections.
Various levels of management face a host of decisions in both designing and deploying these highly automated technologies into a production environment. Financial institutions, in turn, are adapting their existing frameworks to deploy automated decision-making systems as the responsibility for risk management typically is shared across the “three lines of defence” – the business, risk management and internal audit.