Deconstructing the Cyber Risk Institute Financial Services Artificial Intelligence Risk Management Framework
From KPMG contributors to the Cyber Risk Institute Financial Services Artificial Intelligence Risk Management Framework
The Cyber Risk Institute (CRI) officially published the Financial Services AI Risk Management Framework (FS AI RMF) – a significant milestone in advancing responsible AI across the financial services industry. The U.S. Treasury press release available here: https://home.treasury.gov/news/press-releases/sb0401
About the CRI Financial Services artificial intelligence risk management framework
The CRI FS AI RMF empowers financial organizations of all sizes with a common framework to identify, evaluate, manage, and govern the risks associated with AI. Forged by industry leaders and built upon broad industry consensus, the effort involved a diverse body of more than 100 financial institutions, trade associations, expert advisors, and tool providers. As part of this industry collaboration, KPMG served as a key contributor and author to the development of the FS AI RMF. U.S. and international agencies, most notably the National Institute of Standards and Technology (NIST), also played a pivotal role.
Alignment with existing frameworks, standards, and regulatory guidance
The CRI FS AI RMF is engineered to integrate with and enhance an organization's existing risk management functions, serving as a universal supplement – not a replacement. It is directly aligned with the National Institute of Standards and Technology (NIST) AI Risk Management Framework and other leading global standards, enabling financial institutions of all types and sizes to confidently navigate their AI journey.
Your Journey with the Framework
To gain a deeper understanding, we invite you to dive into our thinking by downloading the full "Deconstructing the Cyber Risk Institute FS AI RMF" publication. This guide details the framework's four key elements:
Component | Description |
AI Adoption Stage Questionnaire | A tool to help pinpoint your organization’s current AI adoption stage and customize your approach. |
Risk and Control Matrix | A robust matrix with 230 control objectives linked to risk statements and trustworthy AI principles. |
Detailed User Guide | Comprehensive background information, glossary, source material, and other informative references. |
Control Objective Reference Guide | Illustrative examples of controls and effective evidence to aid implementation of each control objective. |
You can also explore the FS AI RMF and leverage its resources directly on the CRI website: http://cyberriskinstitute.org/artificial-intelligence-risk-management/
Dive into our thinking:
Deconstructing the Cyber Risk Institute FS AI RMF
Download PDFMeet our team
As a key contributor, KPMG brings distinct insight into the framework's design and intended application. Contact us to help your organization navigate the adoption and implementation of the FS AI RMF.
