Artificial Intelligence (AI) is becoming one of the largest efficiency tools financial institutions can implement, but it also comes with inherent risks that can leave your institution and account holder vulnerable.
The scary truth of AI is the power it has to infiltrate institutions and businesses, sometimes fully undetected. Because of this, regulators and compliance agencies are placing rigorous safeguards to protect data, and institutions are prolonging the integration of AI tools and are missing large efficiencies and cost savings.
SRM has partnered with former regulators to design a set of products specifically made to tackle your institution’s unique AI strategy, from compliance-driven risk mitigation to policy development and vendor identification to opportunity assessments.
AI Policy Development: Whether you have implemented a policy or are just getting started, having a robust AI policy is critical for your institution to stay compliant and relevant in the ever-changing AI landscape. With a comprehensive starting template and assistance in creating a tailor-made policy, SRM leverages decades of financial institution and regulatory compliance experience to ensure a successful policy.
CloseVendor AI Audit: With thousands of AI applications and platforms available, it can be challenging to determine how your vendors are using AI to support you. With SRM’s Vendor AI Audit service, we can identify which vendors use AI solutions and what safeguards are (or aren’t) in place for security and compliance.
As regulations emerge related to using AI in financial services, how your vendors use AI in their day-to-day can impact your compliance.
CloseAI Risk Assessment: Understanding AI technology’s inherent and residual risks is just the beginning. SRM leverages our robust advisory team to provide a detailed AI assessment for you. We establish a dynamic scoring matrix and report to ensure your strategy will meet the demands of regulators.
CloseAI Opportunity Assessment: Our AI Opportunity Assessment opens the possibility of successfully integrating AI technology into your organization. SRM’s AI Opportunity Assessment helps institutions identify the right tool and/or technology to boost bottom line
revenue and mitigate data risk. The assessment covers areas such as:
Ongoing Consulting: In the ever-changing, fast-paced environment of AI, staying current on trends, opportunities, and regulations is crucial to your financial institution remaining relevant and efficient. With SRM’s Ongoing Consulting, we provide you with regular policy reviews, opportunity quick scans, and regular performance and consulting touchpoints.
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-The Economist
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