Financial institutions are increasingly using Artificial Intelligence (AI) for fraud detection, credit assessments, customer engagement and data-driven decision-making, placing new focus on governance, accountability and regulatory readiness.
According to Tayyibah Suliman, Head of the Technology & Communications sector at leading law firm Cliffe Dekker Hofmeyr (CDH), the shift now is from adoption to oversight. “As AI becomes essential to operations, institutions must ensure their systems align with evolving regulatory expectations and strong governance frameworks,” she says.
The growing use of AI, as reflected in a recent report by the South African Reserve Bank Prudential Authority and the Financial Sector Conduct Authority, raises key legal and operational risks, including data protection, cybersecurity, algorithmic bias and transparency of automated decisions.
As regulators sharpen their focus, financial institutions will need to demonstrate responsible AI deployment alongside innovation.
As an expert on the topic, Tayyibah is keen to share her insight on the following questions:
· To what extent is AI already being used across South Africa’s financial sector?
· What scale of investment are major financial institutions planning for AI?
· How are regulators increasing their focus on AI governance and risk management
· What are the data protection, cybersecurity and consumer protection implications of AI adoption?
· What ethical risks does AI pose, including bias, transparency and explainability?
· Why is strong accountability and oversight critical for AI in financial services?
