IA talks AI 3. Technology Working Group AI Report: Key points
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Oct 10, 2024 Derrick Hastie, Chief Technology Officer at Legal & General Investment Management, shares insights on AI's transformative role in the investment sector. He discusses the challenges of integrating generative AI and overcoming cultural resistance in organizations. The importance of pilot programs and effective communication to foster innovation is emphasized. Additionally, Hastie highlights the pressing need for AI skills in the job market and the collaboration necessary to bridge the skills gap, ensuring future growth in investment management.
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Leading the AI Working Group
- Derek Hastie recalls the initial nervousness about leading the AI working group.
- The group successfully delivered on its objectives, fostering collaboration and some laughter.
Generative AI's Impact
- Generative AI has broadened opportunities for investment management firms.
- Many firms are experimenting with AI, including creating institutional knowledge bots and using AI in software development.
Overcoming AI Implementation Challenges
- Address internal cultural resistance to AI adoption through clear communication and a structured change process.
- Carefully consider AI risks and manage them within existing risk management frameworks.