Cross-Functional Operationalization of Responsible AI in Financial Services

Building on the momentum of the American College Center for Ethics in Financial Services’ previous AI Ethics Summit, this year’s roundtable, Cross-Functional Operationalization of Responsible AI in Financial Services, brought together professionals across ethics, risk, compliance, and technology functions to address real-world implementation challenges. Conducted under the Chatham House Rule to encourage open and candid dialogue, the discussion explored both the barriers and opportunities of integrating AI responsibly within financial services organizations. To guide the conversation, attendees completed a pre-event survey identifying top challenges and opportunities in operationalizing responsible AI. Key themes included the need for AI literacy, cross-functional collaboration, adaptable governance frameworks, and a strong organizational culture that prioritizes transparency and accountability.

Three panelists, each representing ethics and compliance, enterprise risk, and data privacy functions at different companies shared practical strategies for aligning AI initiatives with business values and regulatory expectations. They emphasized the importance of embedding responsible AI principles into existing enterprise risk management systems, and in some cases evolving those systems as necessary. Leaders spoke to the critical role of executive sponsorship and cultural tone-setting in fostering trust and enabling thoughtful adoption of AI technologies. The conversation underscored a shared commitment to ongoing learning and cooperation, culminating in the creation of a practical playbook for responsible AI governance in financial services.

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