In her testimony earlier than the Home Committee on Monetary Providers, Citigroup (NYSE:C) CEO Jane Fraser will talk about the significance of knowledge safety and privateness in addition to rising applied sciences, along with a lot of different subjects, in keeping with her ready remarks.
“With the proliferation of latest applied sciences, the usage of cell and cloud and managed providers to conduct monetary transactions, a altering geopolitical panorama and the growing sophistication of risk actors, Citi (C) and different monetary establishments have been and can proceed to be topic to cyber incidents,” she’s going to say.
Because of this, the financial institution makes use of “a threat-focused, data-driven technique to guard towards, detect, reply to and get better from cyberattacks,” in keeping with the testimony, including that Citi (C) participates in business, authorities and cross-sector knowledge-sharing teams to boost its resilience.
Fraser may also emphasize that the financial institution does not promote private data and ensures that third events that it companions with adjust to its privateness necessities.
Examples of rising applied sciences that can higher serve clients embody digital pockets investments. “Our partnerships with mature digital pockets suppliers allow us to streamline and simplify funds throughout retailers and gadgets,” the CEO is scheduled to say. “Equally, we leverage synthetic intelligence in fraud prevention and for credit-scoring, in help of our accountable and customer-centric strategy to decisionmaking.”
The corporate established a Middle of Excellence for Synthetic Intelligence and Machine Studying (AI/ML) final yr to develop finest practices and assist set requirements for AI/MI in its services, Fraser will say.
“Within the distributed ledger applied sciences and digital asset house, Citi (C) is focusing sources and efforts to adapt to the fast-evolving surroundings and the dangers and alternatives it brings, together with shopper curiosity, regulatory developments and expertise developments. We’re taking a measured strategy based mostly on shopper demand and beneath robust governance scrutiny, and solely as allowed by our regulators,” she’s going to say.
The DLT Middle of Excellence it began this yr is meant to “drive e acceptable ranges of governance, threat administration and accountable innovation in any use of DLT and digital belongings throughout the group,” Fraser will say.
Earlier this month, the Wall Road Journal reported that Citi (C) was anticipated to submit a brand new plan to ease regulators’ considerations in regards to the firm’s threat administration techniques.