Summary

The Board of Directors has a critical governance role in overseeing the use of AI for the purposes of financial crime prevention. Their responsibilities span strategic, ethical, regulatory, and risk domains. These responsibilities cover strategic oversight, aligning AI use with business goals, and approving investment and resources, together with risk governance, ensuring regulatory alignment and engaging with regulators. The Board needs to promote fairness and transparency and oversee ethical guidelines, together with ensuring data quality and protection and monitoring third party data use. They need to review effectiveness and oversee model validation.

The course examines common AI applications, best practices, regulatory considerations and a review of industry case studies to focus on lessons to be learned.

This course is one of several courses within the Professional Certificate in Risk Management. If you wish to achieve this award, you must complete this course along with all other mandatory courses in the associated learning plan.

Audience

Designed for C-Suite executives in financial services, including CEOs, Chief Risk Officers (CROs), Chief Compliance Officers (CCOs) and Board members including NEDs. Also aspiring executives and senior managers.

Course Objectives

• Understand the role of AI in financial crime prevention and compliance

• Identify key AI-driven technologies used to detect fraud, money laundering, and other financial crimes

• Recognise the risks, ethical considerations, and regulatory challenges associated with AI implementation

• Develop an oversight framework for AI-driven financial crime prevention strategies

• Analyse real-world case studies where AI has successfully prevented or failed to prevent financial crime

• Learn how to integrate AI into governance structures to ensure compliance and accountability

• Explore future trends and regulatory developments in AI and financial crime prevention

Course Structure

• Section 1: Introduction to AI in Financial Crime Prevention

• Section 2: Challenges and Risks of AI in Financial Crime Prevention

• Section 3: Case Studies of AI in Financial Crime Prevention

• Section 4: Board Oversight and AI Governance Frameworks

• Summary

• Knowledge Evaluation

Duration & CPD Hours

This course should take you between 60 and 90 minutes, depending on your pace of learning. Additionally, this course is accredited by The CPD Certification Service and carries 1.5 CPD hours.