The integration of artificial intelligence in financial services presents various challenges and legal opportunities - financial services organisations are quick to exploit this potential as users or developers of such tools. However, the opportunities for entities operating in financial services need to be balanced against the risks that their use brings when performing supervised activities, something that not only supervised entities but also providers of AI-based services should be aware of. In the near future, financial services providers will be grappling with the questions of how existing financial sector regulatory rules apply to AI? Is the existing regulatory framework sufficient to address AI risks, or is a bespoke framework required, and how to maintain a competitive edge in a situation of regulatory uncertainty?
- Why us?
We specialise in AI-related legal issues, bringing in-depth knowledge of both artificial intelligence and financial services to your project. Our team includes seasoned professionals with extensive experience in the financial services sector, providing a detailed understanding of the unique challenges AI poses in this industry.
- Who are we helping?
Banks, brokerage houses, lending institutions, payment institutions, investment fund companies.
- Jak możemy pomóc?
- Regulatory compliance assessment and monitoring of new regulations: Conduct assessments of AI applications in the provision of financial services to ensure compliance with and monitoring of relevant regulations or guidelines.
- AI policy and governance framework: Develop comprehensive AI policies and governance frameworks specific to financial institutions, taking into account legal and ethical considerations.
- Drafting and reviewing of contracts: Drafting and reviewing contracts for artificial intelligence services, including contracts with artificial intelligence suppliers and licensing agreements.
- Risk management and liability assessment: Assessing the legal risks associated with artificial intelligence in financial services, including liability issues, and developing strategies to manage and mitigate these risks.
- Algorithmic transparency: Advising on strategies to ensure transparency of AI algorithms in financial decision-making processes.
- Advising on financial products supported by artificial intelligence: Supporting financial institutions in developing guidelines for the ethical use of artificial intelligence, particularly in areas such as credit scoring, fraud detection and customer interactions.
- Audit and compliance programmes: Development of audit programmes to assess AI systems for compliance with regulations and guidelines applicable to financial institutions.
- Training programmes: Offering training for employees of financial institutions on the legal aspects of artificial intelligence and risk management.
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