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IBM has outlined principles to promote transparency -- and foster public trust -- in the way companies use artificial intelligence. The principles call on banks and other organizations to designate a lead AI official, own up to their use of the technology, explain it and test it for bias. Bankers say they're already on it. IBM unveiled the principles last month at Davos through its new IBM Policy Lab. The goal was to provide guidance for developing intelligent policy that will provide societal protections without stifling innovation.

Managing risk within a bank is a massive undertaking. To stay relevant, today's Chief Risk Officer must embrace artificial intelligence (AI) and machine learning. Unfortunately, many banks are struggling to understand what machine learning is, let alone how it can improve their risk management practices. The good news is that technological advances in machine learning are bringing AI solutions into reach for everyone at a much lower cost and a much higher ROI. The bad news is that your competitors are racing to modernize their risk teams as well.