Ethical AI will need careful planting of many ecosystems. Ethical AI has been a concern of AI leaders, and practitioners for many years, but finally it seems, global jurisdictions are starting to move from policy formulation and stakeholder engagement to putting some teeth into drafting legal bills or acts. Expect many new laws to pass in 2023, tightening up citizen privacy and creating risk frameworks and audit requirements for data bias, privacy and security risks. At the same time, regulators are going to have to evolve an entire global ecosystem to ensure AI audits are effectively conducted and many questions loom as to who will validate certifications for AI audit practices and will we over burden AI innovations like we have done in so many other regulated operating practices that the risk and costs of non-conformance inhibit's innovation and capital funding? Finding a balance will be key.

The transition from LIBOR to alternative reference rates presents numerous challenges, particularly when it comes to renegotiating and operationalizing fallback language for both existing and new contracts. Although uncertainty remains among market participants and industry guidance continues to evolve, adopting a "wait-and-see" attitude before amending contracts is not considered wise. Financial institutions should consider acting now to develop a solution that supports the use of appropriate contract language in preparation for the permanent discontinuation of LIBOR. This article looks at why financial institutions should consider acting now to develop a solution that supports the use of appropriate contract language in preparation for the permanent discontinuation of LIBOR. In the world of finance, there is one number that likely matters more than any other.