The Imperative for Risk Management in AI Models
In an era where 77% of global bankers believe that AI is the key differentiator between winners and losers, the rapid adoption of AI in financial institutions has brought about new challenges and risks. Whether you're a risk manager, internal auditor, or C-suite executive, the question isn't whether to adopt AI—it's how to manage the unprecedented levels of business, regulatory, and reputational risks that come with it.
Just like the infamous Knight Capital incident, where a glitch in a trading algorithm led to a $440 million loss, or the collapse of Silicon Valley Bank due to unidentified errors in risk models, the stakes are high. Without effective AI Model Risk Management, you're navigating uncharted territory with a blindfold on.
How CIMCON Helps You Safeguard Your AI Investments
CIMCON brings over 25 years of experience in Model/EUC Risk Management to the table, offering you a complete, holistic approach to mitigate AI Model risks. Our purpose-built solutions are designed to help you seamlessly integrate risk management into your AI strategy, letting you focus on leveraging AI's capabilities rather than fearing its pitfalls.
CIMCON's Toolkit for AI Model Risk Management
1. Identify Your AI Landscape: Know where and how AI models are deployed across your organization.
2. Automate Risk Assessment: Utilize our proprietary algorithms to perform nuanced, automated risk assessments on your AI models.
3. Understand Model Inter-dependency: Customize your risk criteria to get a full picture of how one model's output affects another, staying in line with regulatory requirements like SS 1/23.
4. Maintain a Robust Inventory: Keep tabs on all your AI models, setting up workflows and alerts for periodic checks.
5. Real-Time Monitoring: Track who accesses and modifies your models, maintaining a complete audit trail for compliance and review.
Tackle End User Challenges Head-On
When you're in the driver's seat of AI implementation, governance can feel like a speed bump. But just as spreadsheet governance became essential in finance, AI model governance is a critical part of modern business strategy. CIMCON provides you with user-friendly tools to detect and correct errors in your AI models, ensuring you're not just fast, but also safe.
Enforce Policies and Maintain Compliance
A stitch in time saves nine. Proactive, automated policy enforcement saves you from future audit failures and costly setbacks. CIMCON's software helps you systematically and consistently enforce your risk management policies, providing evidence of control effectiveness.
Are You Ready for a Future Defined by AI?
AI technology promises to redefine what is achievable, offering unprecedented opportunities for innovation and growth. However, this potential is accompanied by significant risks that must be meticulously managed. CIMCON’s AI Model Risk Management solutions offer you the peace of mind needed to invest in AI, safe in the knowledge that you are fully equipped to manage the accompanying risks responsibly.
AI Risk Management Framework
Explore the realm of Artificial Intelligence (AI) with our AI Risk Management Policy. This concise guide covers the spectrum of AI models, including supervised, unsupervised, and deep learning, and emphasizes making AI trustworthy based on the NIST AI Risk Management Framework.
Learn to assess and manage AI Risk, cultivate a culture of risk awareness, and utilize periodic testing with tools like ours. This policy is your essential toolkit for responsible and effective AI utilization in your organization.