The Treasury Department has released the first two of six planned resources to help the financial services sector safely deploy artificial intelligence.
The AI Lexicon defines key AI-related terms based on definitions from various industry standards and government resources with the goal of improving sector communications, on aspects ranging from risk management to contract negotiation.
The Financial Services AI Risk Management Framework, or AI RMF, is a retooling of the National Institute of Standards and Technology’s AI RMF that is specifically tailored for financial services. The FS AI RMF consists of four parts — an AI adoption stage questionnaire, a risk and control matrix, a user guidebook, and a control objective reference guide.
The resources were developed by the Artificial Intelligence Executive Oversight Group, a private-public partnership that brought together financial institution executives with federal and state regulators and other stakeholders to identify gaps in the financial sector’s use of AI. The Treasury Department plans to release all six resources by the end of the month.
