In a conference speech, the Financial Conduct Authority’s (FCA) Chief Data, Information and Intelligence Officer, Jessica Rusu [Pictured], has reiterated the FCA’s view that financial firms are responsible for ensuring their own operational resilience.
Rusu said: “The key message is that firms remain responsible for their own operational resilience, including any services that they outsource to third parties. That is not changing, and firms are still required to meet their commitments no matter how they choose to deliver their services.”
The comments were included in a speech on the opportunities and challenges presented by the adoption of AI by financial firms. Rusu highlighted data usage as a key concern. “Data considerations are of paramount importance to the safe and responsible adoption of AI,” she said. “Therefore, the role of data in AI means that responsible AI depends upon data quality, data management, data governance, as well as data accountability and ownership structures and – of course – data protection.”
Full speech available here.
[Image Source: Financial Conduct Authority]