In an article published in Law360, Partner Michael Dawson, Senior Counsel Julie Williams and Senior Associate Amy Gopinathan discuss the shift in government attitudes towards AI in financial services, the competitive necessity of AI in banking and practical steps for banks to manage risks as they broaden their use of AI in 2025, among other topics.
Excerpt: “By the end of 2024, the environment began to thaw — a little. Some business leaders within banks saw a business case for using next-generation AI in various use cases and asked for permission to use it. In response, the legal, risk and compliance functions of some banks (including model development and management) constructed well-governed processes to evaluate the risks and adopt strategies to mitigate them, moving forward with the use cases, often on an experimental or pilot basis.”
