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News on Medial
Revolutionising Regulatory Compliance: AI & ML Powering The Future Of Financial Governance
Inc42
·
1y ago
Medial
In 2024, the financial industry faces challenges in regulation and compliance, leading to the need for stronger measures. The RBI has taken action against companies not meeting compliance standards. The Digital Personal Data Protection Act and Telecommunication Act aim to ensure data privacy and strengthen security measures. Proactive steps like prioritizing KYC and reporting fraudulent activities are essential. Automating compliance tasks using AI and ML technology can improve adherence and enable real-time monitoring of regulatory changes. Collaboration and ethical considerations are crucial as AI advances in compliance management.
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VCs get more involved in CXO search at early-stage startups
Economic Times
·
1y ago
Medial
Venture capital investors in Indian startups are seeking more involvement in the recruitment process for governance roles and key management positions. This move comes in response to a growing number of compliance and governance issues in the Indian startup ecosystem. Investors are emphasizing the need for a structured and professional approach to hiring, and some are even participating in interviews. The increased scrutiny is driven by concerns about financial mismanagement and regulatory non-compliance among startups.
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Sebi mulls guiding principle for responsible usage of AI, ML in securities markets
Economic Times
·
1m ago
Medial
The Securities and Exchange Board of India (Sebi) has proposed guiding principles for responsible use of Artificial Intelligence (AI) and Machine Learning (ML) in securities markets. These principles aim to optimize benefits and minimize risks, ensuring investor protection, market integrity, and financial stability. Sebi suggests a "regulatory lite" framework for AI/ML usage beyond business operations directly impacting customers. Market participants should have skilled teams to monitor AI/ML models, ensuring transparency, accountability, and cybersecurity. Public comments on these proposals are invited.
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Rubrik’s IPO filing reveals an AI governance committee. Get used to it.
TechCrunch
·
1y ago
Medial
Data management company Rubrik has set up an AI governance committee to oversee the implementation and risks of artificial intelligence tools within its business. The committee, comprised of managers from Rubrik's engineering, product, legal, and information security teams, will evaluate the legal, security, and business risks associated with using generative AI tools. The move comes amid growing regulatory scrutiny and a need for companies to adopt AI governance committees as compliance measures. The EU AI Act, expected to become law later this year, is driving the need for governance, as it bans certain AI use cases deemed to bring "unacceptable risk".
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Tech Experts Urge Preemptive Action: Responsible AI Imperative As GenAI Risks Emerge
Inc42
·
1y ago
Medial
Experts stress the importance of responsible AI practices and the urgent need for regulatory frameworks to address the drawbacks of deepfakes, malware, and misinformation in the GenAI era. The use of data infrastructure platforms with strong governance and compliance measures is advocated to ensure security and privacy. Panelists at the Inc42 GenAI Summit highlight the significance of embedding responsible AI from the start and emphasize the role of data as a foundational element. Regulatory consultation with industry experts is recommended to establish appropriate frameworks and foster innovation.
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Paytm to focus on core business, profitability, to extend leadership into AI tech: CEO Vijay Shekhar Sharma | Mint
Livemint
·
11m ago
Medial
Paytm's CEO, Vijay Shekhar Sharma, announced that the company will prioritize its core payments business and focus on cross-selling financial services to achieve profitability in the near future. The company plans to adhere to regulatory compliance and obtain a payment aggregator license from the Reserve Bank of India (RBI). Paytm aims to shift its focus from EBITDA to PAT (Profit After Tax) profitability. Sharma also highlighted the company's commitment to being a "compliance-first" organization and the transformative potential of artificial intelligence (AI) in the industry. Paytm's AI systems are active in Japan, aiding in risk management and fraud detection.
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Indian tech company Coforge launches Quasar Responsible AI
IndianStartupNews
·
1y ago
Medial
Coforge Limited has introduced its Quasar Responsible AI solution, aimed at addressing the ethical challenges in the field of artificial intelligence (AI). The solution ensures adherence to ethical standards, fairness, transparency, and regulatory compliance in the development and use of AI applications. It offers tools for governance, mitigation, and remediation, addressing biases in datasets and models. Coforge now covers three essential AI facets: Cognitive AI, Generative AI, and Responsible AI, thereby solidifying its position as a leader in responsible AI offerings.
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RBI partners with McKinsey and Accenture to leverage AI and ML
Startup News FYI
·
1y ago
Medial
The Reserve Bank of India (RBI) has partnered with consulting firms McKinsey and Accenture to harness the power of artificial intelligence (AI) and machine learning (ML) for enhancing its supervisory functions. The collaboration aims to leverage advanced technologies to improve the RBI's oversight of financial institutions, enhance risk assessment, and strengthen regulatory processes in the banking sector.
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How Generative AI Is Revolutionising Public Service
Inc42
·
1y ago
Medial
Generative AI, powered by Large Language Models (LLMs), is no longer just a novelty. It is now being applied in various professional fields, providing personalized services like financial advice and customized recommendations. Furthermore, LLM-based AI assistants are also being used in government operations to enhance policy analysis and communication. This integration of AI suggests a shift towards a more informed and efficient public sector.
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iTuring raises $5 Mn in Series A round led by Dallas Venture and Mela Ventures
Entrackr
·
18d ago
Medial
iTuring raises $5 Mn in Series A round led by Dallas Venture and Mela Ventures iTuring.ai, an enterprise-grade AI/ML platform for the Banking, Financial Services & Insurance (BFSI) sector, has raised $5 million in Series A funding round led by Dallas Venture Capital (DVC) and Mela Ventures. Prior to this, the company had raised $1.19 million in the same round co-led by SenseAI and Pentathlon Ventures along with participation from Ghosal Ventures. The proceeds will be used to accelerate the rollout of its proprietary, zero-code platform, which enables banks and insurers to automate every stage in the deployment of data science and machine learning. Co-founded in 2018 by Suman Singh, Amit Kumar, Mohammed Nawas and Srivalsan Ponnachath, iTuring.ai streamlines the entire lifecycle of data science and machine learning, enabling organizations to rapidly develop, deploy, manage, govern, and operationalize AI applications at scale. The company aims to deliver transparency, accountability, compliance, and reliability across every phase of model development, deployment, and operation. iTuring addresses the sector’s complexity by integrating advanced automation for data preparation, feature engineering, model development, deployment, and ongoing monitoring - all within a unified environment that meets the sector’s demanding regulatory and audit requirements. “Our vision from day one was to empower financial institutions to automate the full lifecycle of AI model development, deployment, and governance with a transparent, explainable, and audit-ready solution,” said Suman Singh, founder & CEO of iTuring. The company states that it delivers its AI/ML platform to clients across India, South Africa, and the United States. In the US, it has established a strategic partnership with one of the world’s leading payment platforms, enabling them to drive customer revenue growth and realize significant cost savings. iTuring claims that its clients in the BFSI sector have reported rapid project delivery and significant reductions in manual effort, with measurable gains in predictive performance.
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G2 Risk Solutions’ RegCom Summit 2024 Sets New Benchmark in Risk and Compliance Innovation
Livemint
·
8m ago
Medial
G2 Risk Solutions hosted the RegCom Summit 2024, a premier event for leaders in regulatory compliance and risk management. The summit focused on pioneering solutions and forward-thinking approaches to regulatory risk and compliance. The highlight of the event was the launch of C-Trac, an all-in-one platform that streamlines regulatory compliance processes and offers a centralized view of compliance, automated processes, and proactive risk management. G2 Risk Solutions aims to empower financial institutions to navigate the complex regulatory landscape with ease and deliver impactful solutions to meet evolving industry needs.
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