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 Co-Chair of the Debevoise Data Strategy & Security Group. His practice focuses on advising major companies on a wide range of cybersecurity, privacy and artificial intelligence matters. He can be reached at agesser@debevoise.com.

Author

Anna R. Gressel is a senior associate and a member of the firm’s Data Strategy and Security Group and its FinTech and Technology practices. Her practice focuses on representing clients in regulatory investigations, supervisory examinations, and civil litigation related to artificial intelligence (“AI”) and other emerging technologies. Ms. Gressel has a deep knowledge of regulations, supervisory expectations, and industry best practices with respect to AI governance and compliance. She regularly advises boards and senior legal executives on governance, risk, and liability issues relating to AI, privacy, and data governance. She can be reached at argressel@debevoise.com.