OCC Deputy Stresses Risk Management As Banks Ramp Up AI

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By Jon Hill (May 13, 2022, 6:50 PM EDT) — An Office of the Comptroller of the Currency senior official told House lawmakers on Friday that while his agency is mindful of the risks that could come with broader bank adoption of artificial intelligence, it is also exploring how it can harness the technology.

Kevin Greenfield, the OCC’s deputy comptroller for operational risk policy, testified at a House Financial Services Committee task force hearing that the OCC is evaluating AI as a way to strengthen its supervision of national banks and other federally chartered institutions it oversees.

“The OCC employs a number of analytical and technology tools to support bank supervision,…

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