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Risk and Compliance Research Outlook 2024

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RISK AT THE VANGUARD OF AI ADOPTION

Earlier this month, Celent had an in-person symposium in NYC with over 100 Insurance, Banking, and Risk clients attending. In our Zoom-filled world, the novelty of attending in-person events has not worn off, and it was a real pleasure to be able to engage with industry practitioners, consultants and analysts face to face.

On the Risk and Compliance front, we had a panel of experts from Celent and Oliver Wyman (proud to count myself among them) to discuss the state of GenAI in R&C and also open a discussion on what’s next. The session began with the tried and true review of what use cases are getting traction within Risk and Compliance (fraud detection and regulatory change management), and an engaging report from our Oliver Wyman colleague on how regulators are receiving GenAI technology projects.

The most interesting part of the discussion though was delving into what we see coming next for this technology that is bursting with potential but just beginning to be proven out. We see GenAI being applied in ways that go beyond large language models and think the next phase of GenAI is sufficiently different that it should be referred to by its original name that captures the breadth of ways it can be applied – transformer technology. To go deeper, please read Neil Katkov’s blog on quantitative transformer models.

Transformer technology will be one of the themes we talk about in our 2025 Risk and Compliance Previsory that will be coming out this Fall. In this Previsory, we will also cover:

  • How trends towards greater data sharing across institutions will supercharge AI effectiveness,
  • The global intensification and synchronization of regulations
  • How North America will catch up with Europe and Asia in the areas of AI, ESG, and operational resilience, and
  • The transformational potential of anti-financial crime technologies.

We will introduce these themes in our Previsory webinar and report in November and they will shape much of our research agenda for next year.

Contact us for more information about what we have planned in Q4.

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