Corporate AI governance strategies and innovation inspirations for financial services

Uncover the evolving landscape of AI governance in corporate settings with Ramatoulaye Adama Diallo, Board Director & Operating Partner in Financial Services, Fintech, Telecoms & Digital Infrastructure and Former CEO, CFO & COO -ex Google, Orange, Etisalat.

Discover the critical pillars of strategic insight, dynamic oversight, and accountability in governance, and learn how these elements are essential for board members in shaping effective AI strategies. Ramatoulaye also shares examples of innovation best practices from FinTech in emerging markets, telecoms, and large tech companies like Google. She highlights the necessary balance between governance and innovation, emphasising responsible innovation that scales with speed and trust.

Watch this interview to understand how governance and innovation can seamlessly work together to drive organisational success.

Defining governance in the age of AI

Ramatoulaye emphasizes that AI governance should not diverge far from traditional governance pillars: strategic insight, dynamic oversight, and accountability. Each of these aspects must be integrated into board operations to effectively manage and leverage AI:

Strategic insight

Boards must actively engage in defining and refining organisational strategy with the growing presence of AI. This involves using their diverse experiences to influence organisational strategies profoundly and ensures a proactive rather than reactive approach to AI-driven changes.

Dynamic oversight

With AI introducing both opportunities and risks, managing these elements requires a shift from static models to dynamic systems. A risk register should evolve into a dynamic dashboard, enabling continuous oversight and rapid response to emerging AI challenges.

Accountability

As AI systems influence organisations’ decision making, clear accountability is crucial. Boards must identify who is responsible for AI-driven decisions to uphold organisational integrity and responsibility.

Lessons from adjacent industries

Ramatoulaye shares where the financial sector can look to other industries for inspiration and best practices in AI innovation and governance:

Fintech in emerging markets

The leapfrogging effect in these regions provides a blueprint for innovation. Without traditional infrastructures, populations quickly adapted to mobile technology for financial services, a trend that forces rapid innovation outpacing many developed markets.

Telecommunications

Telecoms, being both essential and regulated, have mastered resilience, network redundancy, and responsible governance. These elements are critical for AI governance in finance.

BigTech

Although not directly replicable, these platforms offer inspiration for scaling innovation. The focus should be on the boldness of their vision rather than a reckless approach often associated with the “move fast and break things” mentality, which isn’t viable in financial services.

Balancing governance and innovation

The inherent tension between governance and innovation can lead to healthy growth when managed correctly.

Governance doesn’t necessarily stifle innovation. Ramatoulaye argues that clear guardrails and risk management should facilitate rather than inhibit innovation. Establishing these elements early on helps create an organisational culture where governance and innovation complement each other.

A culture embedding governance at every innovation stage ensures that the organisation’s methods remain coherent and aligned with its strategic goals.

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