Financial agencies in most countries have not issued rules or guidance specific to generative artificial intelligence (genAI), instead applying existing model risk management guidance and principles to the technology, and navigating it all can seem like a daunting task.
Google created this 10-step guide to help streamline genAI implementation, without compromising safety or compliance.
- Identify key stakeholders
- Plug into your data governance program
- Define your AI principles
- Partner with Compliance, Risk, and Legal
- Use an AI framework
- Establish points of escalation
- Implement relevant policies and procedures
- Track AI initiatives
- Articulate the AI use cases
- Institute AI training
Google Cloud published a global survey shows that genAI is more than just a new technology; it is a key driver of business transformation. By thoughtfully incorporating it into their operations, companies can achieve significant financial returns, improve efficiency, and sustain growth.