FINOS Releases First Draft of AI Governance Framework for Financial Institutions

The Fintech Open Source Foundation (FINOS) announced significant AI milestones at the Open Source in Finance Forum New York. These include the draft release of an AI Governance Framework for financial institutions by the FINOS AI Readiness Special Interest Group (SIG). The framework invites broader community participation.

New FINOS Platinum Members NVIDIA and Protect AI, along with Gold Member Moody's, joined the initiative. Gabrielle Columbro, FINOS Executive Director, emphasized the collaboration in establishing foundational guidelines for AI deployment in financial services.

NVIDIA's Jochen Papenbrock highlighted the company's role in advancing AI development in financial services through its contributions. The draft AI Governance Framework details 15 risks and 15 controls tailored for AI systems in financial services. This "living document" aims to address both current and emerging threats.

FINOS invites the financial services community to contribute to the AI Readiness Roadmap to develop and operationalize frameworks, policies, and tools for the safe and compliant deployment of generative AI technologies. Firms, academics, and practitioners are encouraged to join and provide feedback.