Many organisations have established an AI policy. Some companies, such as IBM1, Google2 and others have made these available online. Here, we propose ten - largely risk-based - considerations that synthesise the various societal, legal, ethical and engineering challenges that organisations need to consider in developing an AI system. In a recent report, Accenture reported that 63% of AI adopters had an ethics committee3. Establishing an AI ethics committee to oversee the use of AI will ensure adherence to the law, promote best practice, oversee risk and provide authority for periodic audit.

Many organisations have established an AI policy. Some companies, such as IBM (1), Google (2) and others have made these available online. Here, we propose ten – largely risk-based – considerations that synthesise the various societal, legal, ethical and engineering challenges that organisations need to consider in developing an AI. In a recent report, Accenture reported that 63% of AI adopters had an ethics committee (3). Establishing an AI ethics committee to oversee the use of AI will ensure adherence to the law, promote best practice, oversee risk and provide authority for periodic audit.

From business innovations and media headlines to TV and movies, it seems that artificial intelligence (AI) is virtually everywhere. While still in its early stages across the financial services industry, AI adoption is expected to accelerate over the next few years. And it's expected to save companies big bucks. According to a recent study by Accenture, 77% of banks plan to use AI to automate tasks to a large extent in the next 3 three years. In addition, a recent study by Autonomous Next, indicates the potential cost savings of using AI could total $450 billion across the banking industry by 2030.

The promises of AI are great, but understanding the considerations needed to build and implement AI within an organization is challenging. Building the right solution, leveraging the skill sets available and solving the highest-priority problems for the banking organization is the key to success. Subscribe to The Financial Brand via email for FREE!From business innovations and media headlines to TV and movies, it seems that artificial intelligence (AI) is virtually everywhere. While still in its early stages across the financial services industry, AI adoption is expected to accelerate over the next few years. And it's expected to save companies big bucks.