To start 2024 with the latest advancements , here is a digest of the most relevant AI news from January 2024 in Finance.
I have read 100s of articles (yes that’s 3 to 4 everyday!) and kept the best for you so you don’t have to spend hours covering the AI news.
That’s my promise to you as a member of the AI Finance Club!
In this Digest you will learn about:
Responsible AI now has an ISO standard
Deloitte rolls out artificial intelligence chatbot to employees
Oracle introduced its generative AI strategy
Microsoft Copilot finally launched for Microsoft 365
OpenAI Launched its Custom GPT Store
1. A New ISO Standard Was Introduced for The Responsible Development of AI
Towards the end of the year, The International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) approved ISO/IEC 42001, the world’s first standard for AI management systems.
This standard offers guidance to organizations on responsibly developing and utilizing AI systems, addressing challenges like ethics, transparency, and continuous improvement.
It provides a structured approach for companies offering or using AI-based products or services to balance the risks and opportunities associated with AI across diverse application areas and contexts.
Source: Analytics Vidhya
My take:
Ethical considerations and transparent use are very important in today’s rapid AI advancement. For us, finance professionals, the safety of using AI is a very important topic because we usually handle sensitive data.
I think that this is a very encouraging addition to the conformity landscape that will help the use of AI in more conservative organisations.
Deloitte has introduced LLMs chats for its employees.
In the US, they have implemented DARTBot for Audit & Assurance employees.
While in Europe, UK and Middle-East. they have launched a more general Chatbot named “PairD,” to 75,000 employees.
On PairD:
Developed by Deloitte’s AI institute, PairD initially launched in the UK in October 2023. It’s based on OpenAI LLMs.
It assists employees in tasks such as composing emails, crafting PowerPoint presentations, and conducting research.
Additionally, PairD can generate project plans, provide project management best practices, and offer task prioritization suggestions, as stated in a recent company press release.
Source: Marc Beierschoder
My take:
This move by Deloitte will enhance the productivity of their employee and it is really a sign that big corporation will all have their own LLMs Chatbot in the coming two years.
