Building an Effective AI Team in Financial Services - with Lori Cenci of HSBC
Mar 27, 2023
auto_awesome
Dr. Lori Cenci, US Head of Unauthorized Trade Surveillance at HSBC and Lecturer of Applied Analytics at Columbia University School of Professional Studies, discusses building an AI team, improving collaboration and communication in AI projects, the role of an AI translator, measuring success in financial services, and reassessing approaches for data utilization.
To foster an analytic culture, organizations should have a fluid structure where information flows vertically and laterally, embracing agility in thinking and ensuring data availability across the organization.
Collaboration between technical teams, analytics experts, and stakeholders is essential for developing effective analytics and dashboards, going beyond mere requirement collection and delivery.
Deep dives
Building an Analytic Culture in Organizations
The creation of a siloed organizational structure is a major obstacle to developing an analytic culture. To foster an analytic culture, organizations need to have a fluid structure where information flows vertically and laterally. They should also embrace agility in their thinking and encourage asking good questions and ensuring data availability across the organization. Rethinking traditional roles, such as bridging the gap between analytics experts and technical teams, is crucial. Additionally, organizations should shift their focus from simply meeting deadlines to considering the quality and value of the analytics developed.
The Importance of Collaboration in Analytics Development
Developing analytics and dashboards in isolation without collaboration often leads to poor outcomes. Collaboration between technical teams, analytics experts, and stakeholders is essential. The interaction should go beyond requirement collection and delivery to a more interactive understanding of the problem being solved. Effective communication between non-technical stakeholders and technical teams is necessary. Establishing a role, such as an AI translator or boundary spanner, can facilitate communication and bridge the gap between different areas of expertise.
Rethinking Measurement and Risk in Analytics Projects
Organizations need to shift their focus from counting metrics to understanding the value and risk associated with analytics projects. Too often, success is measured solely based on meeting deadlines and operational metrics without considering the so-what factor. There should be a greater integration of data, especially in operational spaces like compliance and surveillance, to assess risk accurately. Organizations should encourage open discussions about the decision-making process and equip employees with the ability to articulate the significance of the metrics and dashboards they develop. A more strategic and integrated approach to measurement is needed.
Today’s guest on the ‘AI in Financial Services’ podcast is Dr. Lori Cenci, US Head of Unauthorized Trade Surveillance at HSBC and Lecturer of Applied Analytics at Columbia University School of Professional Studies. She has over two decades of experience in risk, compliance, conduct, capital markets, quantitative research, product development, client advisory, consulting, writing, and teaching with such austere financial services brands as HSBC. Dr. Cenci returns to the platform to discuss the challenges in developing a company culture built around analytics. Together with Emerj CEO and Head of Research Daniel Faggella, she pulls from experiences across her career to advise on best practices for managing the c-suite and developing dashboards that solve real business problems.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode