Three Regional Financial Firms Establish Joint AI Governance

Promoting Joint AI Governance Project
BNK, iM, and JB Collaborate on Responsible AI Utilization and Consumer Protection

On the 9th, three regional financial holding companies (BNK, iM, JB) announced that they are promoting the establishment of governance for the utilization of artificial intelligence (AI) technology.

The "Joint AI Governance" aims to establish standard guidelines for the responsible use of AI within organizations, build internal control processes, and create consumer protection measures.

To this end, the three companies will carry out a joint consulting project. This project will focus on five core objectives: establishing AI governance, reviewing and proposing execution strategies for ethical and legal compliance related to AI use and application, managing AI risks and establishing sustainable operation management plans, optimizing AI-related policies and processes, and strengthening AI governance capabilities within the organizations.

The project will proceed in stages. In the first stage, it will review the ethical principles that financial groups must comply with and existing AI guidelines. In the second stage, it plans to build ethical and legal governance covering the overall use of AI through reflecting AI governance for each group company and pilot application.

Through this project, the three companies intend to secure stability and reliability in the use of AI technology. Furthermore, they expect to effectively respond to the AI Basic Act, which will be enforced in January next year, and contribute to the expansion of applications for innovative financial services in the future. They also plan to regularly form digital and IT-related consultative bodies to jointly address issues and strengthen cooperative relationships.