From Model to Magic: How Gen AI is Transforming Financial Institutions

Video

In this insightful interview, Jonas Jacobi, CEO of Valid Mind, explores the transformative potential and risks associated with the adoption of generative AI in financial services. He dives into key differences between traditional and generative AI, how model governance must evolve, and the impact of AI on organizational culture and risk management.

Oct 31, 2024

Jonas Jacobi, CEO & Co-founder, ValidMind

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

Generative AI differs from traditional AI by utilizing large, unstructured datasets, creating challenges around data transparency and trust in outputs.
The shift towards generative AI is prompting financial institutions to rethink governance, focusing on use case validation rather than solely on model documentation.
Generative AI adoption introduces new organizational risks, requiring cross-departmental training to ensure safe and compliant use across all business units.
Financial services should approach AI with a long-term strategic plan, incorporating incremental testing and risk assessment to manage the transformative impact of these technologies.

Jonas Jacobi Bio

Jonas Jacobi, CEO and co-founder of ValidMind, is focused on addressing the increased pressure on Model Risk Management teams by providing a novel Model Risk Management platform that automates model documentation and validation processes for the Financial Service and Insurance industries. Jonas' experience spans over two decades of pushing the boundaries of technology at companies such as Oracle, IBM, and Kaazing Corporation (creators of the W3C and IETF WebSocket communication standard) and advising PE firms and corporations on their M&A activities in the Finance and Regulatory market. In addition, Jonas is actively involved in the Silicon Valley startup community as an advisor and strategist for emerging ventures, such as Splashtop and Quantum Metrics.

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