Will present how financial services organizations can meet compliance requirements at ABBYY AI Summit

ABBYY has announced its support of non-profit public charity ForHumanity to assist financial services organizations in meeting new regulations on the use of artificial intelligence (AI). ABBYY will be a co-leader of a working group focused on establishing audit criteria for using Artificial Intelligence, Algorithmic and Autonomous systems (AAA), and will share how financial services organizations can operationalize trustworthy AI using process intelligence at the ABBYY AI Summit being held May 15 at Emirates Stadium, London, UK.

This is in response to the EU AI Act and US AI Executive Order that have set in motion regulations governing the ethics, bias, privacy, trust, and cybersecurity of AAA systems that will require global organizations to affirm compliance.

ForHumanity’s mission is to make AI safe for society, support government and regulatory agencies, and to manage risk associated with AAA systems. These systems include AI that has the ability to analyze and interpret data, learn from experiences, and execute actions without constant human supervision. The new working group co-led by ABBYY will establish rules related to financial services Model Risk Management (SR 11-7), Fair Housing and Fair Credit.

Specific to Model Risk Management,ⁱ banking organizations must be attentive to the possible adverse consequences of decisions based on biased or misused AI models that can lead to financial loss, poor business and strategic decision-making, or damage to a banking organization’s reputation.

Ryan Carrier, Executive Director at ForHumanity, commented, “The unique, socio-technical characteristics of AAA systems necessitate additional governance, oversight, and accountability to meet the requirements of regulators and uphold the laws designed to protect consumers. We are fortunate to have ABBYY’s expertise supporting this initiative.”

Upon completion of the development of the independent audit criteria, ForHumanity will submit the rules to the authority of the applicable regulatory bodies such as FINRA, the Federal Reserve Board, the U.S. Department of the Treasury, and the Office of the Comptroller of the Currency and other jurisdictions such as Canada's Office of the Superintendent of Financial Institutions, the Financial Conduct Authority, and the European Central Bank.

“ABBYY supports the development of independent audit criteria as part of its long-time commitment to developing trustworthy AI that is purpose-built for financial services organizations’ business-critical processes,” stated Andrew Pery, certified by ForHumanity in the independent audit of AI systems for the EU Artificial Intelligence Act and AI Ethics Evangelist at ABBYY. From cutting-edge investment strategies to credit risk assessments, ensuring the ethical use of AI is paramount to consumer trust and safety. We look forward to working with ForHumanity in contributing to the development of the independent audit criteria, thereby augmenting the Model Risk Management framework governing financial services organizations.”

During the ABBYY AI Summit, Pery will share how organizations can be proactive in mitigating AI compliance risks by capturing and visualizing “as is” AI compliance related event logs and user interactions from multiple systems of record and compare execution variations to identify root causes. Attendees will learn how surfacing these process gaps will highlight compliance task outliers and anomalies and the benefits of enabling real-time monitoring of processes to trigger alerts in the event of non-compliant process tasks or changes in conditions. More information about the ABBYY AI Summit can be found at https://digital.abbyy.com/abbyy-ai-summit-2024-register-your-interest.

For more information about how your organization can be AI compliant, visit https://www.abbyy.com/solutions/financial-services/kyc/.

About ABBYY

ABBYY puts your information to work with purpose-built AI. We combine innovation and experience to transform data from business-critical documents into intelligent actionable outcomes in over 200 languages in real time. We are trusted by more than 10,000 companies globally, including many of the Fortune 500, to drive significant impact where it matters most: accelerate the customer experience, operational excellence, and competitive advantage. ABBYY is a global company with headquarters in Milpitas, CA and offices in 12 countries, and is the Official Intelligent Automation Partner of Arsenal Women Football Club. For more information, visit www.abbyy.com/company and follow us on LinkedIn, Twitter, Facebook, and Instagram.

ABBYY can either be a registered trademark or a trademark and can also be a logo, a company name (or part of it), or part of a product name of ABBYY group companies and may not be used without consent of its respective owners.

About ForHumanity

ForHumanity (https://forhumanity.center/), a 501(c)(3) nonprofit organization, and ForHumanity Europe, a French 1901 Association, are dedicated to addressing the Ethics, Bias, Privacy, Trust, and Cybersecurity in artificial intelligence and autonomous systems. ForHumanity uses an open and transparent process that draws from a pool of over 2000+ contributors from 96 countries to construct audit criteria, certification schemes, and educational programs for legal and compliance professionals, educators, auditors, developers, and legislators to mitigate bias, enhance ethics, protect privacy, build trust, improve cybersecurity, and drive accountability and transparency in AI and autonomous systems. ForHumanity works to make AI safe and trustworthy for all people.

ⁱ Federal Reserve SR 11-7: Guidance on Model Risk Management

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