
I had a lovely interview with journalist Mirela Ciobanu, who wrote a report for the Dutch financial portal “The Paypers” about my recent presentation in Frankfurt am Main on the future of artificial intelligence (#AI) in the European Union – and what impact it will have especially on the financial sector.
For a financial institution, your top concern regarding the AI Act should be ensuring #compliance with these regulatory requirements, especially considering the AI systems you deploy and the risks they pose. Financial institutions often work with high-risk AI applications, particularly in areas like customer data analysis, fraud detection, and algorithmic trading. A natural person must always make the final decision in critical scenarios, such as determining whether to terminate a bank account or approve a credit line.
Many institutions are not adequately prepared for the challenges associated with AI. In Germany, for instance, statistics show that while a significant number of people rely on AI, fewer than 50% of institutions have implemented an AI #policy. This lack of #governance is highly risky. Employees need to understand the importance of double-checking AI-generated results and be aware that they cannot simply copy and paste sensitive information into AI tools or large language models. Without clear policies, there’s no control over where the data goes, how it is collected, or how it may be reused, creating serious #privacy and #security concerns.
I would strongly advise all companies—especially those in critical infrastructure sectors like #banking and #finance—to establish comprehensive AI policies before deploying artificial intelligence in their operations.
The whole interview has been published very recently under this link and is free to use for everyone: https://thepaypers.com/interviews/dr-dennis-kenji-kipker-explains-why-european-ai-regulation-falls-short–1271750
#denniskenjikipker #cyberintelligence #cyberintelligenceinstitute #frankfurt #bremen