Discover how generative AI will be key to the future of financial crime prevention and the importance of responsible and explainable AI
Speaking at World Salon x Columbia University’s Global Dialogue talk – “What LLMs really mean for the future of finance” – Elizabeth Callan, Sanctions Compliance & Risk Management SME at SymphonyAI financial services, shares expert insights on how financial institutions can adopt large language models (LLMs) and AI technologies responsibly while strengthening (and not compromising) compliance.
The discussion outlines a roadmap for program-level governance, regulatory alignment, and the strategic role vendors play in sustaining trust and defensibility. Tailored to risk and compliance leaders, Elizabeth unpacks best practices for AI governance and real-world regulatory engagement strategies.
Read more about GenAI and the future of FinCrime.
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Topics covered
Governance frameworks for AI
- Establishment of AI risk committees to oversee development and deployment
- Clear delineation of roles and responsibilities to support regulatory clarity
- Written policies and procedures ensuring transparency and readiness
Model governance and compliance readiness
- Model retraining protocols, incident response, and explainability as documentation essentials
- Critical compliance pillars include data integrity, lineage, bias testing, and tracking
- Transparent processes designed to withstand scrutiny from regulators and auditors
Strategic vendor partnerships
- Importance of selecting vendors committed to responsible AI and regulatory collaboration
- Vendor support in stakeholder communication, issue resolution, and long-term lifecycle alignment
- Engaging vendors as partners in demonstrating defensibility and driving organizational transformation
Regulator engagement best practices
- Need for early and continuous dialogue with regulators for alignment and mutual understanding
- Transparent explanation of the benefits of AI, use cases, and risk controls
- Potential for proactive institutions to shape smart, innovation-friendly regulation
“If you can’t explain it to a regulator, you probably shouldn’t be using it.” – Elizabeth Callan, Sanctions Compliance & Risk Management SME, SymphonyAI financial services
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Related resources
- SymphonyAI: Advanced AI-powered compliance platform for financial crime prevention
- AI checklist: 40 questions to ask potential vendors to see if they are the right fit for your organization
- Responsible AI: Insights into responsible AI principles and their vital role in building customer trust.