{"id":22059,"date":"2024-06-24T20:42:36","date_gmt":"2024-06-24T20:42:36","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/06\/24\/troublemakers-be-warned-ai-is-watching\/"},"modified":"2024-06-24T20:42:36","modified_gmt":"2024-06-24T20:42:36","slug":"troublemakers-be-warned-ai-is-watching","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/06\/24\/troublemakers-be-warned-ai-is-watching\/","title":{"rendered":"Troublemakers, Be Warned: AI Is Watching"},"content":{"rendered":"
<\/a><\/div>\n
<\/div>\n

Artificial intelligence is helping to uncover rotten apples in financial services.<\/span><\/p>\n

That\u2019s what Kim Crawford Goodman, CEO of Smarsh, a leader in communications compliance, argues in an interview with ThinkAdvisor.<\/span><\/p>\n

\u201cWe\u2019re showing institutions the bad actors they might have,\u201d Crawford Goodman says. \u201cWe look for things like insider trading or collusion to make sure [institutions] are keeping their systems safe and investors\u2019 money protected.\u201d<\/span><\/p>\n

She forecasts that digitization and AI will transform compliance and oversight for financial institutions. Such changes will protect clients\u2019 assets more efficiently and effectively, she adds.<\/span><\/p>\n

Smarsh, whose clients are both large and small institutions, uses AI for analyzing data at major banks, including \u201cevery single email sent in the last 10-plus years, every single text message, every trade,\u201d says Crawford Goodman, a finalist for executive leadership in ThinkAdvisor\u2019s 2023 Luminaries awards.<\/span><\/p>\n

With AI, Smarsh finds evidence of insider trading, for example, by going through masses of data and connecting patterns and noting elements in many communications from the same individual.<\/span><\/p>\n

\u201cWe\u2019re making sure that the truth is preserved,\u201d says Crawford Goodman, previously CEO of Fiserv and a vice president at Dell.<\/span><\/p>\n

Financial advisors will best use AI to analyze investments they recommend to clients, Crawford Goodman, who has an MBA from Harvard Business School, maintains.<\/span><\/p>\n

Here are highlights of our conversation:<\/span><\/p>\n

THINKADVISOR: How will digitization and AI change compliance for financial advisors?<\/b><\/p>\n

KIM CRAWFORD GOODMAN<\/b>: That\u2019s going to completely change compliance and oversight for financial institutions. <\/span><\/p>\n

Five to 10 years from now, regulators and compliance people will be inside institutions running very sophisticated models on all transactions, including trades.<\/span><\/p>\n

The changes will bring more efficiency and protection for the institution, clients and money flows in a much more effective way.<\/span><\/p>\n

Who\u2019s responsible for keeping clients\u2019 assets safe?<\/b><\/p>\n

The institutions. Regulators just provide some oversight.<\/span><\/p>\n

The biggest advances will be in how institutions protect themselves and their customers. But the regulators will continue to raise the bar on how the institutions will do that.<\/span> <\/b><\/p>\n

How are you making AI available to your clients?<\/b><\/p>\n

First and foremost we\u2019re using AI to analyze all the data at major banks \u2014 <\/i>every single email sent in the last 10-plus years, every single text message, every trade.  <\/span><\/p>\n

How will individual financial advisors use AI best?<\/b><\/p>\n

To reduce their risk, to analyze things as opposed to using basic analysis, like what the best investments are. They\u2019ll build models to take their analyses to the next level.<\/span><\/p>\n

They can use AI on a real-time basis to see trends, what kinds of things people are asking about and what sort of advice is being given out. <\/span><\/p>\n

But determining the best investments is the main responsibility of human advisors. Right?<\/b><\/p>\n

The human should do it, but humans are best if they use the best tools. <\/span><\/p>\n

This is a great example of digitization that has happened across many industries. The best advisors are going to combine their own skill set and knowledge on top of the best tools. <\/span><\/p>\n

That\u2019s going to make them more advanced and differentiated as fiduciaries.<\/span><\/p>\n

How else is Smarsh using AI with its clients?<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Artificial intelligence is helping to uncover rotten apples in financial services. That\u2019s what Kim Crawford Goodman, CEO of Smarsh, a leader in communications compliance, argues in an interview with ThinkAdvisor. \u201cWe\u2019re showing institutions the...<\/p>\n","protected":false},"author":1,"featured_media":22060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/06\/troublemakers-be-warned-ai-is-watching.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22059"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22059"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22059\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22060"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}