Foreword
Generative AI, a powerful subset of artificial intelligence (AI) technology, refers to AI models capable of generating new forms of content, such as images, video, music, speech, text, software code and product designs. These models learn from vast amounts of data and employ intricate algorithms to produce outputs that closely resemble human-generated content. The use of generative AI, particularly large language models (“LLMs”), by investment managers has the potential to revolutionise various aspects of their operations, potentially leading to increased efficiencies and improved decision-making processes.
While generative AI offers tremendous potential for investment managers, it also poses significant risks and challenges in terms of data privacy, legal complexities and cyber security. By adopting clear policies and guidelines as well as staying informed about the evolving regulatory landscape, investment managers can harness the power of generative AI while mitigating potential risks.
This checklist aims to help AIMA members identify how they can ensure safe, compliant and ethical use of generative AI tools within their business operations. By addressing the relevant sample questions, an investment manager can help ensure that their usage of generative AI tools aligns with legal requirements, ethical standards and the overall risk management strategy of the firm.
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