Generative artificial intelligence (AI) was 2023’s technological innovation darling, but its full potential is not yet entirely realised. Strides are still to be made in using AI for risk and compliance purposes argues Shaun Hurst
Last year saw a huge increase in the adoption of generative AI, such as OpenAI's ChatGPT, Google's Bard (now Gemini) and Microsoft's Copilot, marking a significant transformative shift in technological integration for companies across the economy. Now that AI has become entrenched in the workplace - particularly in financial services - the challenge lies in understanding its full potential, identifying and mitigating the risks and tackling the immense increase in the data produced. In June 2023, McKinsey & Company highlighted the potential value of these newly adopted technologies. It...
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