Model risk in the age of generative AI
Banks are racing to understand the risks posed by a new breed of multi-purpose bots.
The dizzying rise of artificial intelligence tools such as Anthropic’s Claude and OpenAI’s ChatGPT has risk managers wrestling with an existential question: when is a model not a model?
Banks are deploying generative AI for a growing number of tasks from the mundane to the miraculous: writing emails, assessing credit risk, predicting trade fails.
Executives are now having to decide whether applications that are built on top of large language models, or LLMs, should be treated as models for risk
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