AI safety risk to finance firms

TWO IN FIVE financial services’ companies lack safe artificial intelligence controls, according to new figures.

- By Samuel Norman

As the industry piles billions of pounds into Al, many firms are lacking adequate measures to maintain safe usage.

Big Four accountancy giant EY said that 26 per cent of companies have no or limited controls in place to ensure AI systems adhere to laws and regulation.

And just under a quarter said they lack sufficient controls in place to protect against unauthorised access or corruption. EY’s UK financial services tech consulting leader, Preetham Peddanagari, said: “Without robust oversight and governance frameworks, the sector risks leaving itself and its customers exposed to significant threats.”