WASHINGTON (dpa-AFX) - In support of the Trump administration's AI Action Plan, the U.S. Department of the Treasury has announced the conclusion of a major public-private initiative to strengthen cybersecurity and risk management for artificial intelligence (AI) in the financial services sector. Over the course of February, Treasury will release a series of six resources developed in partnership with industry and federal and state regulatory partners to enable secure and resilient AI across the U.S. financial system.
'As this Administration has made clear, it is imperative that the United States take the lead on developing innovative uses for artificial intelligence, and nowhere is that more important than in the financial sector,' said Secretary of the Treasury Scott Bessent. 'This work demonstrates that government and industry can come together to support secure AI adoption that increases the resilience of our financial system.'
The Artificial Intelligence Executive Oversight Group (AIEOG), a partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council, brought together senior executives from financial institutions, federal and state financial regulators, and other key stakeholders. Together, participants focused on addressing identified gaps in the financial sector's use of AI, developing practical tools that financial institutions can use to manage AI-specific cybersecurity risks while unleashing innovation.
The Treasury Department said it will release the AIEOG deliverables in stages throughout February. The AIEOG workstreams provide a foundation for the use of AI in financial services, addressing governance, data practices, transparency, fraud, and digital identity in an integrated way. By focusing on practical implementation rather than prescriptive requirements, the resources are intended to help financial institutions adopt AI more confidently and securely, strengthening resilience and cybersecurity while supporting innovation across the sector.
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