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VideoAdopting AI in Banking? Start With Governance and Risk Management | Podcast
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Many community and regional banks are weighing AI‘s potential benefits against regulatory, cybersecurity and operational risks. On this episode of Weaver: Beyond the Numbers, Pree Wakharkar is joined by Trip Hillman and James Mihills to discuss how financial institutions can use AI while maintaining effective governance and risk management. They explore practical considerations for understanding AI use, applying governance and managing risk as the technology evolves.
Key Points:
- Banks may already be using AI through employees, vendor platforms and existing technology, making visibility into current usage an important first step.
- Existing risk management, technology oversight and internal control frameworks can often support AI adoption without creating entirely new governance structures.
- Banks can take measured steps toward AI adoption while weighing regulatory, cybersecurity and operational concerns against the strategic and competitive risks of inaction.
As AI adoption continues to evolve across the banking industry, financial institutions are evaluating how to use AI while managing critical risks. An important starting point is understanding where AI is already being used across the organization, whether through employees, vendors or existing technology platforms.
A key theme of the discussion is that AI does not necessarily require an entirely new governance framework. Financial institutions can often build on the same risk management, technology oversight and internal control processes they already use today. James notes, “One thing that bankers need to keep in mind when it comes to AI is it’s a technology.”
The conversation also addresses how banks can balance the risks of adoption against the risks of inaction. While AI introduces new considerations, simply saying no can create strategic and competitive risks of its own. The speakers discuss how institutions can take a thoughtful approach to AI while determining where and how it fits within their operations.
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