(US & Canada) VIDEO | Improve Operations With AI to Avoid Admin Burden — Scotiabank Data and AI Risk VP

(US and Canada) Anna Hannem, Vice President of Data and AI Risk at Scotiabank, speaks with Subhash Kari, EVP and Chief Innovation Officer at Infocepts, in a video interview, about how technology advancements have created new data risks, how companies are addressing it, the importance of data security, communication, risk assessment, and the evolving role of Chief Data Officers.

At the onset, Hannem points out that technological advancement has caused a new type of risk to emerge that relates to data. She adds that companies have recently started to recognize this risk and address it accordingly, but many remain unsure of how to measure and tackle it.

Further, she states that artificial intelligence (AI) is a technology in itself and urges organizations to focus on the data that AI is picking up. Data security should be a priority to mitigate the risk of privacy and trust issues.

Adding on, Hannem emphasizes the importance of having clear communication throughout the organization regarding what is and is not allowed in terms of AI from a data risk perspective. This does not necessarily change the technology aspect, rather, the existing processes within the organization must be applied to AI as well. She states that everyone must be mindful of the purpose of the AI tool, as it is still a technology being fed data.

Furthermore, Hannem acknowledges the need to design specific policies regarding AI, along with communication and risk assessment. She recognizes the challenge of measuring data risk in terms of a numerical value or metric and the need to find ways to showcase its position within the organization.

Hannem recognizes that there is still much to be done about AI and its applications. According to her, it is essential to quantify risk when assessing data. She shares that while certain risks are measurable, others are more challenging. Continuing, she stresses that there must be multiple metrics to build a foundation on and organizations must bring data together to reveal a comprehensive overview. Ultimately, data is about telling a story in the most effective way possible.

Highlighting her contribution, Hannem mentions working with consulting agencies to understand best practices from other organizations and industries. She focuses on assessing the pieces of model risk management and other regulations coming out, as well as the overall metrics and data available to report on. She reckons that the bank is still in the early stages of understanding the data, and the process will take time.

Emphasizing data ethics, she shares about the initial lack of tools and says that the few existing solutions were insufficient to meet the needs of the time, and this left room for innovation and creativity to fill the gap. Now, privacy and transparency solutions are available, Hannem continues, although they are constantly evolving due to ever-changing data availability and knowledge.

In conclusion, Hannem affirms leveraging AI tools to help minimize administrative burdens. She states that the process can start by identifying active tools for operational and data risks. She also advocates sustaining and improving existing operations with AI to save time and avoid creating an administrative burden.

CDO magazine appreciates Anna Hannem for sharing her insights and data journey with our global community.

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