Featured

Move fast without breaking the bank: AI model risk management



Published
Abstract:
The use of Artificial Intelligence (AI) and Machine Learning (ML) is on the rise across the globe. This is especially true for the financial sector where data is abundant, and applications and techniques are wide-ranging. The adoption of AI/ML brings great opportunities to improve products and services with significant cost reductions. However, the use of sophisticated and complex techniques for important tasks also brings risks, for organizations as well as for individuals.
The talk by Søren Mørk is a field report from the bleeding edge of AI model risk management. Model risk management is a central tool used by financial institutions to manage financial weapons of math destruction, from the pricing of exotic derivatives to calculations of capital. This tool, if sharpened somewhat, is central for also managing the risk associated with AI, in the financial sector, and elsewhere.
His talk gives a brief status report on the use of AI/ML in the financial sector, the risks associated herewith, its main risk drivers, and the key principles underlying the management of those risks.
Papers & articles:
- Causal Inference in Natural Language Processing: Estimation, Prediction, Interpretation and Beyond https://arxiv.org/abs/2109.00725
- Introducing BERT, ELMo, & Co. https://jalammar.github.io/illustrated-bert/
- Formalizing Trust in Artificial Intelligence: Prerequisites, Causes, and Goals of Human Trust in AI https://arxiv.org/abs/2010.07487

Speaker:
Søren is the Director and head of AI Risk in EY, Copenhagen, and a pioneer in the field of AI model risk management. Prior to joining EY, he was one of the first to establish and lead a dedicated AI model validation team in a European bank.
He has chaired AI model risk management roundtables with leading banks in Europe, been invited speaker on the topic at international conferences, and advised regulators and supervisors on the topic.
Søren holds a Ph.D. in AI & machine learning, has worked on AI/ML as a researcher, as an Algo-trader, and has been involved in all aspects of model validation/risk management.

+++ Code of Conduct ++++++++++++
https://github.com/microsoft/virtual-events/blob/main/virtual-event-code-of-conduct.md

+++ AI Suisse YouTube Channel ++++
Sign up for our YouTube Channel: https://www.youtube.com/c/AISuisse

+++ deeplearning.ai ++++++++++++++
This is a Pie & AI event in partnership with DeepLearning.AI. Pie & AI is a series of DeepLearning.AI meetups independently hosted by community groups. This event is hosted by AI Suisse.
Category
Management
Be the first to comment