This article examines the legal and risk areas impacted by artificial intelligence (AI) and machine learning. It focuses on the need for a mindset of personal responsibility in order to minimize the probability of being caught out by risk and regulatory challenges. AI involves using artificial intelligence to address specific challenges, solve problems, and create new opportunities. The use cases in financial services are vast and include automating customer service with the use of chat bots, analysing data to create efficiencies, and AI powered risk monitoring and assessment. AI is the science of making machines that can think like humans, and large language models (LLMs) are deep learning algorithms that can analyse large datasets. Lastly, the article discusses the need for accountability for oversight when it comes to AI.
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