AI Accountability and Explainability

06/12/24 • 25 min

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode Tom Fox and Matt Kelly delve into the recent speech by Michael Hsu, the head of the Office of the Comptroller of the Currency, on the accountability challenges posed by artificial intelligence in the banking sector.

The discussion highlights Hsu's emphasis on the lack of a robust accountability framework for AI, illustrating the issue with the Air Canada chatbot incident. The conversation also touches on potential systemic risks AI could pose to the financial sector, the need for explainable AI, and the shared responsibility model used in cloud computing as a potential template for addressing these challenges. The episode underscores the necessity for compliance officers to ensure contracts and IT controls are in place and stresses the importance of developing trust and accountability mechanisms before widespread AI adoption.

Key Highlights

· AI Accountability: A Regulator's Perspective

· Case Study: Air Canada's AI Mishap

· Legal and Technological Challenges

· Exploring Solutions and Shared Responsibility

Resources

Matt on Radical Compliance

Tom

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Key Highlights

· AI Accountability: A Regulator's Perspective

· Case Study: Air Canada's AI Mishap

· Legal and Technological Challenges

· Exploring Solutions and Shared Responsibility

Resources

Matt on Radical Compliance

Tom

Learn more about your ad choices. Visit megaphone.fm/adchoices

Previous Episode

Analyzing The Trump Conviction: Compliance Lessons from an Unprecedented Case

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject.

Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds!

In this episode of ‘Compliance Into the Weeds’, Tom and Matt take a deep dive into last week’s trial verdict against Donald Trump in NYC and lessons for the compliance professional.

We explore the importance of internal controls, consistent consequence management, and effective leadership. They also delve into how compliance officers can learn from the storytelling strategies used in the trial and emphasize the application of the rule of law.

Key Highlights:

Overview of Trump’s Criminal Conviction
Internal Controls and Compliance Lessons
Consequences Management and Consistent Enforcement
Ethical Leadership and Communication
Who is your audience? Storytelling in Compliance
Final Thoughts and Rule of Law

Resources:

Matt on Radical Compliance

Tom

Learn more about your ad choices. Visit megaphone.fm/adchoices

Next Episode

Navigating DOJ’s Boeing Dilemma Under DPA Violations

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode Tom Fox and Matt Kelly take a deep dive into the complexities surrounding the Department of Justice's potential decision to criminally prosecute Boeing under its Deferred Prosecution Agreement (DPA) related to the 737 MAX crashes.

They explore the various facets of corporate justice, including retribution, remediation, and societal interests, as well as the challenges in balancing justice for the victims and the broader implications for public safety and corporate culture. The discussion also covers the FAA’s role, the potential for new operational limits on Boeing, the impact and structure of compliance monitorships, and what compliance officers can learn from this high-stakes scenario.

Key Highlights

· DOJ and Boeing: The 737 MAX Dilemma

· Corporate Justice: Individuals vs. Corporations

· Balancing Justice and Corporate Interests

· Deferred Prosecution Agreements: Compliance Challenges

· 07:33 Financial Penalties vs. Operational Limits

· The Potential of Monitorships

· FAA's Role and Challenges

· Compliance Lessons and Future Considerations

Resources

Matt on Radical Compliance

Tom