The Banking The Banking Executive Magazine - June 2024 Issue

Career Chronicle help automate the process of review- ing new regulations, analyzing their impact and ensuring adherence by scanning policies, procedures and controls. Machine learning models can be used to test the effectiveness of com- pliance controls by simulating vari- ous scenarios and identifying gaps or weaknesses in the existing frame- work. The technology can map an institu- tion's processes, data flows and con- trols against regulatory requirements to pinpoint areas of non-compliance that require remediation. By analyzing historical data on com- pliance incidents, fines, and enforce- ment actions, AI can predict future compliance risks and allow firms to take preventive measures. NEWLY CREATED JOBS AND RESKILLING While AI could lead to significant job losses, it also has the potential to cre- ate new types of roles focused on de- veloping, implementing and managing AI systems. Banks will likely need to hire specialists with AI and data science skills, as well as reskill existing employees to work alongside AI technologies. In times of change, workers must stay up-to-date on the latest AI trends, tools and use cases impacting the banking industry. To remain relevant, they should ac- cumulate knowledge about the cur- rent capabilities and limitations of AI in banking applications like cus- tomer service, fraud detection and credit decisions. Provide feedback to improve AI-model performances based on real-world usage. Attend seminars, conferences and join pro- fessional AI communities to gain in- dustry knowledge. Develop a growth mindset to adapt to the changing job landscape as AI continues to evolve. By proactively reskilling, exploring new AI roles, understanding AI capa- bilities and committing to lifelong learning, banking professionals can future-proof their careers and in- crease their value as AI becomes more pervasive in the industry. Source: Forbes the BANKING EXECUTIVE 46 ISSUE 186 JUNE 2024