DeAndré Morrow and Tarrian Ellis examine the AI governance challenges across an evolving US financial services and tax landscape
Artificial intelligence (AI) is increasingly embedded in financial services and tax practice, from credit underwriting, fraud detection, and customer communications, to tax research, return preparation, and written advice. These tools can improve speed and efficiency, but they also create risks involving accuracy, explainability, auditability, sensitive data, vendor oversight, and professional judgment.
The US has not adopted a single cross-sector AI regime. Instead, existing federal and state laws, sector-specific supervision, professional standards, and voluntary frameworks govern according to the underlying activity. This article examines how that activity-based approach is developing in financial services and tax practice, and identifies the governance principles that recur across both sectors.
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Read "Balancing Risk and Return: Navigating AI Governance in the US" on the inCOMPLIANCE website. (subscription)