By Ian Watson, Head of Risk
Risk executives are scrambling to understand the myriad risks of putting genAI technology into production, and just starting to consider how best to mitigate those risks we are able to anticipate. Yet estimating the level of risk involved in adopting genAI is more challenging than for more familiar technologies, due to the fact that some of the adverse outcomes of deploying generative AI can be hard to grasp (e.g., new forms of model bias) or are completely new (e.g., data hallucinations).
The risks of generative AI to the financial services industry, whether from consequences of deploying genAI or from external threats, still fall under traditional categories of operational/IT, regulatory/legal, reputational, and security risks. But there are five risks particular to genAI that require distinct countermeasures. Ian dives deeper into these risks in his contributed article for TechBullion.
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