The U.S. Department of the Treasury has concluded a public-private initiative to strengthen cybersecurity and risk management for artificial intelligence (AI) in the financial services sector.
The Artificial Intelligence Executive Oversight Group (AIEOG) was a partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council. It included financial institutions senior executives, federal and state financial regulators, and other key stakeholders who discussed gaps in the financial sector’s use of AI, and the development of tools financial institutions can use to manage AI-specific cybersecurity risks.
The “Treasury brought public- and private-sector partners together to develop practical tools that can effect real change in the financial sector through the AIEOG,” Cory Wilson, Cybersecurity and Critical Infrastructure Protection deputy assistant secretary of the treasury, said.
The Treasury will release in stages this month a series of six resources the group developed in partnership with industry and federal and state regulatory partners. The resources will provide a foundation for the financial services’ use of AI and will address governance, data practices, transparency, fraud, and digital identity. The resources focus on practical implementation instead of strict requirements and are intended to help financial institutions adopt AI more confidently and securely, strengthen resilience and cybersecurity, and support innovation.