AI Assurance Services

UK financial institutions increased financial crime compliance spend by 12% in 2023, reaching £38.3bn in response to the increasing costs of compliance. Two thirds of that spend was technology and data related, including AI.

Evolving regulations in the UK and globally has also introduced a set of new challenges for firms, in particular the requirement to understand and interpret the decisions of an AI system or model.

As a result regulated firms are under greater regulatory scrutiny to evidence they have appropriate AI governance and oversight in place, and can demonstrate they meet regulatory requirements around safety, transparency, fairness, accountability, and contestability.

AI models can also unintentionally cause biases, leading to unfair outcomes in fraud and financial crime risk management and detection systems. Ensuring fairness and ethics in these systems is challenging and requires continuous model validation and refinements.

In response to these industry challenges, Plenitude, in partnership with Professor Carsten Maple and Professor Lukas Szpruch, have developed an AI Assurance Service to help firm successfully navigate the challenges

We define ‘AI assurance’ as the portfolio of processes required to evaluate and communicate, iteratively throughout the AI lifecycle, the extent to which a given AI system:

Operates as intended;
Upholds values and ethical principles of the deploying organisation; and
Is legally compliant.

Techniques for trustworthy AI are proliferating. Without structured ways to choose between all the standards, impact assessments and performance metrics on offer, developers and regulated firms find it difficult to balance the benefits of AI with the emerging risks.

Our financial crime and fraud prevention AI Assurance Services are supported by world leading expertise in the field of data science and AI assurance.

Our approach is to work with clients to ensure the value proposition of utilising AI techniques is clearly articulated and these benefits are realised through the effective identification, assessment, monitoring and management of risk.

Our services can be delivered pre- or post-deployment and will provide assurance that outputs and performance meet expectations and regulatory requirements.

Governance & Policy

Assess or develop your governance framework, including policies that outline a responsible AI lifecycle. This includes setting clear standards for auditable AI practices.
Compliance Audit

Provide expert support to ensure AI models in FCC comply with external regulatory standards and withstand regulatory scrutiny. This includes preparing for audits, navigating regulatory changes, and ensuring models meet the latest compliance requirements.
Algorithmic Model Assessment

Conduct comprehensive assessment of internally- and externally-developed algorithmic models to ensure they meet the standards established in the governance framework. We will provide actionable plans to improve the models.
Data Quality & Integrity Control

Evaluate and improve the quality of data used in AI models, ensuring the integrity and accuracy of transaction data and customer information.

Benefits and Outcomes Delivered

We empower regulated firms like yours to:

Ensure your AI models are built on high-quality data for consistent and accurate financial crime and fraud detection.
Provide reliable insights that drive smarter decision-making while minimising non-compliance risk
Mitigate risks associated with external AI vendors by ensuring their solutions meet your compliance standards.
Integrate robust governance across your AI systems to ensure they meet complex compliance standards.
Mitigate risks and confidently navigate evolving financial crime regulations with structured oversight.
Providing confidence to elevate AI systems into production, ensuring they remain effective and compliant, releasing your team to tackle high-risk cases and complex investigations efficiently.

AI Assurance Services

AI in financial crime and fraud prevention has become a strategic priority for firms, driven largely by the transformative opportunities unlocked by AI, which present compelling benefits in terms of increased operational efficiency and more effective risk management.

UK financial institutions increased financial crime compliance spend by 12% in 2023, reaching £38.3bn in response to the increasing costs of compliance. Two thirds of that spend was technology and data related, including AI.