Attending the Future Tech Event on the 27th of November, 2023 was an outstanding experience as I was given to opportunity to not only network with leading IT Companies in Oman but also privileged with the ability to learn in-depth about AI and Cybersecurity in the Banking sector through the following workshops -
1. AI in Banking: By Mr. Ravikiran M A
2. Governance of Cybersecurity and AI Risk: By Mr. Keyaan Williams.
I would like to thank both Ravikiran M A and Keyaan Williams for these insightful trainings.
Here are a few keynotes I took away from these sessions :
AI in Banking Workshop:
1. AI's Significance in Banking:
- Understanding the significance of AI in the banking industry is crucial for staying competitive and meeting evolving customer expectations.
2. Scope and Applications of AI in Banking:
- Real-world examples illustrate how AI-powered chatbots, predictive analytics, and robotic process automation improve banking operations.
3. Enhancing Banking Functions with AI:
- In risk management, AI applications like credit scoring and fraud detection enhance accuracy and agility, reducing financial risks.
4. Real-world Success Stories:
- Case studies showcase successful AI implementations in banking, emphasizing tangible benefits such as improved operational efficiency, reduced fraud, and enhanced customer satisfaction.
5. Challenges and Considerations:
- Recognizing challenges, including data privacy, ethical considerations, and regulatory compliance, is essential for responsible AI implementation.
Governance of CyberSecurity and AI Risk:
1. Inclusive Governance Model:
- The workshop stressed the importance of involving everyone in the governance process, aligning with the three-tier hierarchy from NIST SP 800-39.
2. Duty of Care and Director Education:
- The concept of Duty of Care highlighted the responsibility of directors to be well-informed, emphasizing the need for proper education on security matters.
3. Practical Application of AI Frameworks:
- The workshop steered away from theoretical discussions on generative AI, focusing instead on NIST AI RMF practices.
4. Building a Comprehensive Security Program:
- NIST 800-37 was recommended as a foundational framework for building a robust security program.
5. Strategic Planning and Outcome Presentation:
- The integration of measures from NIST SP 800-55 with the Balanced Scorecard and Strategy Maps provided a clear method to present cybersecurity and AI governance outcomes to both management and the board.
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