AI's Role In Financial Services: Some Early Lessons

In a speech delivered last week at “Fintech and the New Financial Landscape” in Philadelphia, Federal Reserve Board Gov. Lael Brainard discussed how technology is changing the financial landscape and the lessons being learned about artificial intelligence in financial services. Eamonn Moran’s article, published in Law360, seeks to provide some key takeaways from the speech for practitioners, with an emphasis on key compliance considerations relating to the use of AI in the provision of financial services.

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Knowledge assets are defined in the study as confidential information critical to the development, performance and marketing of a company’s core business, other than personal information that would trigger notice requirements under law. For example,
The new study shows dramatic increases in threats and awareness of threats to these “crown jewels,” as well as dramatic improvements in addressing those threats by the highest performing organizations. Awareness of the risk to knowledge assets increased as more respondents acknowledged that their