You are looking at one of our in-house courses. Many of our in-house programmes are also available as open courses on specific dates. Click here to see our open course calendar.
Course outline and objectives
Artificial Intelligence ("AI"), or more specifically Machine Learning, Data Science and Neural Networks have come to the fore with the advent of open tools like Chat GPT which are often being used without proper supervision or control. These tools promise to revolutionise work, how products are created, distributed and serviced. It also promises the ability to automate routine tasks and identify patterns and anomalies in huge datasets better than humans can. This has led to a deluge of ill-informed speculation about the impact of AI.
This one-day course cuts through the noise and breaks it down into four key sections:
- An overview of what AI actually is, defining the key constituents (Machine Learning, Data Science and Neural Networks) with a high-level view of how they operate and their limitations which can be used to identify potential benefits and risks for regulated firms. We also examine how and why AI systems produce biased or discriminatory results and how this might affect Consumer Duty compliance.
- An investigation of key areas of business that could be affected and a framework that can be used for identifying risks based on the structure and limitations of AI
- Identifying how the Risk and Compliance teams can re-purpose their existing practices to provide appropriate advice and assurance to the business of the regulatory and risk impact of AI, and the new skills they might need to learn
- Finally, an exploration of the areas in which AI could help the compliance and risk teams, exploring potential subjects for discrete AI projects and how to assess their viability
By the end of the session participants will
- Understand the key constituents of AI (Machine Learning, Data Science and Neural Networks) and, at a high level, how they operate, what they are best suited for and their limitations
- Draw out the implications for key regulated processes including strategy, Product Development / Governance, distribution and post sales servicing. Also understand how AI teams work and the impact on risk and compliance oversight and advice
- Use the new understanding of how AI works to identify the areas of the business that could be most affected and how these might be risk-assessed
- Understand the extent to which existing compliance and risk tools and techniques can be re-purposed and what new skills might be necessary
- Learn and explore how AI changes concepts of "risk" of threats and the impact on operational resilience
- Understand the potential risks in the use of open-source software for AI product development
- Use the generally-accepted frameworks for assessing the viability of AI projects at your firm and determine whether management is doing the same
- Identify key risks to AI projects and how these affect compliance and risk activities
- Understand how bias and discrimination can be embedded in AI projects and how this affects the Consumer Duty
- Understand how AI might be able to support compliance and risk through discrete internal projects
Who will benefit?
This course will be of interest to Directors and Senior Management Function Holders, Compliance, Risk, Internal Audit and Senior IT staff.
Topics may include but are not limited to;
- What is "Artificial Intelligence" and the key terms?
- The benefits and limitations of artificial intelligence and how that might apply
- Building a risk framework
- AI, bias and ethics
- Assessing compliance and risk projects that could benefit from AI
