MFSG
How MFSG approaches ethical AI Against this backdrop, the question of how MFSG is integrating AI into its operations is both commercially important and ethically complex. AI – a broad term covering machine learning, automation and data analytics tools that enable systems to perform tasks that previously required human judgment – has become one of the most discussed topics in financial services. It also carries significant compliance and governance implications.
MFSG has chosen a deliberate, structured path. Karina describes the company’ s approach as twofold. On one hand, the business does not want to suppress innovation by being overly cautious. On the other, it is applying“ industry best practises of rigour and governance” before any AI solution comes into contact with customers or their data.
Central to that governance is a crossfunctional council that the executive team has established. This body does not evaluate AI in isolation. It brings together representatives from risk, fraud, privacy, compliance, legal, operations, technology, data and credit risk – a group, as Karina puts it, that views AI“ with a 360-degree lens”. Karina says:“ We’ ve stood up a council that doesn’ t just look at AI in a vacuum. We’ re considering AI, data and technology enablement together.”
Many AI projects in financial services fail, Greg argues, because organisations reach for AI as a solution in search of a problem. fintechmagazine. com 63