Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Series 11, Episode 8: Culture and conduct risk arising from artificial intelligence
Jul 4, 2024
Lindsey Rogerson and Rachel Wolcott, both senior editors at Thomson Reuters Regulatory Intelligence, dive into the world of AI and its implications for culture and conduct risk. They explore how AI can enhance compliance while warning about the potential dangers of employee surveillance and inherent biases. The conversation touches on the SEC's growing concerns over AI-washing and emphasizes the necessity of ethical AI adoption, particularly in managing sensitive data and ensuring workplace transparency.
42:47
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Quick takeaways
- The integration of AI in compliance efforts poses ethical risks related to employee surveillance, potentially undermining workplace culture and trust.
- Regulatory scrutiny surrounding AI-washing highlights the critical need for transparency and accountability in how organizations market AI capabilities.
Deep dives
The Role of AI in Enhancing Conduct and Culture
AI-powered software is increasingly marketed as a solution for enhancing corporate culture and managing conduct risk. Tools such as chatbots and virtual assistants aim to assist with regulatory compliance and streamline processes, but many firms have reported disappointment with the practical outcomes of these technologies. Despite promises of improved efficiency, such as reducing false positives in monitoring financial transactions, firms remain skeptical about the effectiveness of AI solutions and temper their expectations. This skepticism is further fueled by ongoing investigations into banks for failing to meet anti-money laundering and sanction compliance standards, highlighting the need for due diligence in adopting AI technologies.
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