MVA Team co-authored Journal of Financial Compliance article

Publications

10.2022

Moore & Van Allen (MVA) Co-head of Financial Regulatory Advice & Response Ed O’Keefe, Senior Counsel Sarah Byrne and John Stoker, and Litigation Associate Jules Carter co-authored the article titled, “Can we keep up with the machines? Stronger and faster artificial intelligence systems require robust risk management practices.” It was published in the Journal of Financial Compliance, Volume 5, number 4. 

Abstract

This paper sets out the regulatory trends related to AI in compliance and risk management applications and the risks associated with inadequate data management, over-automation and other risk management oversight failures. The possible adverse outcomes are illustrated by means of a case study relating to the detection of money laundering associated with human trafficking. Recommendations for model risk management and model governance follow.