On July 23, 2020, Anna Gressel and Avi Gesser from Debevoise’s Data Strategy and Security Group, along with their special guest, Haimera Workie, the Head of Financial Innovation and Senior Director of FINRA’s Office of Financial Innovation, had an insightful conversation about FINRA’s recent report on Artificial Intelligence in the Securities Industry, including:

  • How AI and machine learning are currently being leveraged in the securities industry;
  • Key regulatory considerations, including model risk management, data governance, AI bias, model explainability, and consumer privacy;
  • How companies can mitigate AI risks, including through risk assessments, stress testing, creation of fallback plans and other guardrails, compliance with recordkeeping requirements, and effective supervision of AI models and applications; and
  • How to engage with FINRA to provide industry feedback on the report in advance of the August 31, 2020 comment deadline.

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Author

Avi Gesser is a Debevoise cybersecurity and litigation partner. He is a member of the Debevoise Data Strategy & Security Group, as well as the White Collar & Regulatory Defense Group. Avi has extensive experience advising on a wide range of cybersecurity matters, incident response issues, data strategy concerns and complex commercial litigation. He can be reached at agesser@debevoise.com.

Author

Anna R. Gressel is a senior commercial litigation associate at Debevoise and a member of the firm’s Technology, Media & Telecommunications and Data Strategy & Security groups. She actively advises clients on the legal and regulatory implications of artificial intelligence (“AI”) and other emerging technologies. Her practice includes not only representing companies in regulatory inquiries concerning AI, but also assisting companies in developing AI principles and governance mechanisms. She can be reached at argressel@debevoise.com.