Generative Artificial Intelligence (AI) and large language models (LLM) are taking the world by storm, presenting numerous opportunities to create business efficiencies. While the new technologies offer many potential benefits to firms, regulators and investors, they also introduce unique risks.
On this episode, we hear from Brad Ahrens, senior vice president of Advanced Analytics, Andrew McElduff, vice president with Member Supervision's Risk Monitoring team and Haime Workie, vice president and head of FINRA's Office of Financial Innovation, who are closely looking at these technologies and following developments in this space to learn how FINRA is looking at and thinking about generative AI when it comes to its own business and what it's looking at and seeing when it comes to firm use of these tools.
Resources mentioned in this episode:
Artificial Intelligence (AI) in the Securities Industry
Artificial Intelligence (AI) and Investment Fraud
Reg Notice 21-19: Obligations Related to Outsourcing to Third-Party Vendors
Rule 3110: Supervision
2024 FINRA Annual Regulatory Oversight Report
2023 Executive Order on Artificial Intelligence for Congress
NIST: Artificial Intelligence
Gen Z Investors: A Look at the Attitudes and Behaviors of the Youngest Investors
Preventing Financial Exploitation: Steps for Safeguarding Senior Investors
The FINRA Examination Team: The Ins and Outs of FINRA’s Annual Program
In Review: Looking Forward with FINRA and Board Chair Eric Noll
Enforcement and Economics: Driving Better Case Outcomes Through Collaboration
A New Twist on New Account Fraud: Detecting and Preventing ACATS Fraud
2023 Senior Investor Protection Conference: The Latest Trends, Scams and Schemes
FINRA's Risk Monitoring Program: Understanding the Unique Risks of Every Firm
Encore | Membership Application Program: Reviewing and Approving Digital Asset Firms
Then and Now: Following Up with the New and Experienced Investors of 2020
Introducing REMA: Thinking Differently About Rulemaking, Decision-Making, Innovation and More
A New Tool for Compliance: FINRA’s Machine-Readable Rulebook Initiative
Preparing for the Unexpected: The Ins and Outs and the Value of Succession Planning
2023’s Must-Read | Report on FINRA’s Examination and Risk Monitoring Program
Gift Guide for CCOs: Top Five FINRA Compliance Tools and Resources
Encore | Fraud Stoppers: FINRA’s Market Investigations Group
Enhancing Your Compliance Practice with the FINRA Institute at Georgetown CRCP Program
Membership Application Program: Reviewing and Approving Digital Asset Firms
2022 Ketchum Prize: Advancing Financial Inclusion and Alleviating Racial and Gender Bias in Agricultural Lending
CE Transformation Update: Annual Regulatory Element and the Latest on the MQP
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