Artificial Intelligence Risk, Inc., a provider of governance, risk, compliance and cybersecurity (AI GRCC) software, announced this week the launch of a new AI financial regulatory consulting service aimed at helping companies at all stages of adoption of AI.
Matt Spencer will lead the consultancy and focus on helping companies optimize their financial and regulatory compliance through the implementation of AI. This includes helping firms use AI to increase efficiency while also maintaining cybersecurity.
“The intersection of AI and cybersecurity is our focus,” Spencer wrote in the statement announcing the consultancy's launch.
“For a company to maintain its competitive edge, it must embrace the efficiencies that AI offers. At the same time, AI presents cybersecurity challenges that must also be effectively addressed,” he wrote.
Alec Crawford, founder and CEO of Artificial Intelligence Risk spoke on a panel in May at the WealthManagement EDGE conference about “Leading the Future of AI-Driven Wealth Management.”
In that discussion, he warned that firms should consider using proprietary software programs with their own internal models of large languages and avoid public systems.
“Larger institutions will have to be very careful about what comes out of these models,” he said.
AI Risk Inc. launched its software in February after a $1 million seed round of funding. In an interview in June, Crawford said that he and his co-founder had asked themselves what they would want if they were still in CCO or CTO roles in today's AI environment, and had built their software to meet those need.
“Many RIAs and asset managers don't know where to start,” Crawford said.
Edward Jones announces Technology Points
This week, the firm announced faster-than-expected uptake in financial planning use among advisers and clients.
The firm reported that since the creation of Envestnet | MoneyGuide available to all its US branch teams in November 2023 (phasing was first announced in March 2022), financial advisors have added more than 1.3 million clients to the platform, which is twice as fast as expected, according to Edward Jones.
The rollout was part of the firm's ongoing multi-year project to deliver it more than 19,000 financial advisors with more technology tools, products and service offerings.
Edward Jones has also hit the market Salesforce Financial Services Cloud teams of its branches as part of the project and reports that the platform is now in more than 5,500 branches.
As it will be fully rolled out in the next few months, the firm reported that it expects to begin enabling financial advisors and client support teams to leverage the full capabilities of the platform, which will include data and insights drawn from more than 8 million clients of the firm.
Texas and Utah Councilors: Semiconductor Manufacturing May Be Equal to New Tech Customers
It will take some time — perhaps until 2030 or later — but Texas- and Utah-based advisers interested in technology clients note that Texas Instruments Inc . is set to receive $1.6 billion in CHIPS Act grants and $3 billion in government loans, according to an announcement from the Biden administration, reported by Bloomberg.
The funding is intended to help pay for one plant in Utah and two in Texas, which the U.S. Department of Commerce says will cost about $18 billion by 2029. Those projects are expected to create about 2,000 manufacturing jobs and thousands more in construction.
In total, Texas Instruments plans to spend about $40 billion in the two states, including two additional plants in Sherman, Texas. While these are likely to come online after 2030, the Commerce Department has said it will prioritize projects that will be done by the end of the decade.
The Potato Chips Act is part of the Biden administration's infrastructure and industrial policy initiative, which has set aside $39 billion in direct grants, as well as $75 billion in tax credits, loans and loan guarantees aimed at attracting companies make more semiconductors in America. soil.