GARP, May 31, 2024
While generative AI is viewed by many financial institutions as a highly leverageable business opportunity, finding the right professionals to help them understand the breadth of its associated risks has proved extremely challenging.
Ninety-three percent of companies recognize the hazards tied to generative AI, according to a global survey from risk software company Riskonnect. However, just 9% say they’re prepared to manage these threats and only 17% of risk and compliance leaders have formally trained or briefed their organizations on the risks of using generative AI.
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