03.29.24
Treasury Report Identifies AI Use ‘Capability Gap’
by: Aaron Nicodemus
A new report from the Treasury Department identified a “growing capability gap” in in-house use between large and small financial institutions when it comes to artificial intelligence (AI). The report identified opportunities and challenges that AI presents to the security and resiliency of the financial services sector, outlining a series of next steps to address immediate AI-related operational risk, cybersecurity and fraud challenges. The report said the capability gap for in-house AI tool use between large and small financial institutions is driven by a lack of internal data resources at small institutions, which prevents them from adequately training AI models.
Read the full article on Compliance Week