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Article
AI accountability battle intensifies across financial services leadership
As AI systems take on greater decision-making roles, financial institutions face mounting pressure to redefine accountability, governance, and risk frameworks. Gerry Kounadis warns that boards cannot delegate responsibility, even as regulators move to treat AI as critical infrastructure.
Apr 30, 2026
Gerry Kounadis, Head of Group Data Privacy, Technology & ESG Compliance Advisory, National Bank of Greece
Tags:
Vendor and Third Party Risk
The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization
- Boards retain
ultimate accountability for AI driven decisions in financial services
- Reliance on single
vendor AI models creates concentration and transparency risks
- Firms must ensure
they can explain challenge and replace AI systems
- Governance must shift
toward continuous real time oversight of AI
- AI risks like bias
hallucinations and data leakage must be embedded in enterprise risk
- Human override and control mechanisms are critical for high stakes systems
- Future model risk
management must focus on system resilience and failure controls
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