2024 Playbook Series #1, Session #3: What Are the Legal, Compliance, and Cybersecurity Implications in 2024?-Session recording

Video Transcription

Video Summary

In the video transcript, the panelists discussed the importance of implementing AI compliance measures in financial advisory firms. They emphasized the need for due diligence when selecting AI vendors and the implications of using AI tools in client interactions. Compliance officers were urged to ask specific questions about data sources, privacy issues, and biases in AI algorithms. The panelists advised creating comprehensive AI policies and procedures that outline permissible uses of AI tools within the firm. Training sessions and documentation of employee training were highlighted as essential components of AI compliance measures. The importance of legal and regulatory compliance in implementing AI technologies was underscored throughout the discussion.

Keywords

AI compliance measures

financial advisory firms

due diligence

AI vendors

client interactions

data sources

privacy issues

biases in AI algorithms

comprehensive AI policies