A financial services firm has implemented Generative AI tool that is doing the work equivalent of 700 humans

Around a month ago, I presented the key emerging operational risk topics that financial services firms should have on their radar for 2024. The video of this session is available on YouTube here.

In this session, I highlighted an emerging trend titled "Transition to AI operated organisations" which can be found at 21:58 minutes into the video. I came across an article today of a financial services firm (Klarna) utilising Generative AI technology which can replace work of 700 customer support employees (Article Link). I am expecting that throughout 2024, we are only going to see more articles of Generative AI replacing human knowledge based jobs, as the productivity benefits are too significant for any firm to ignore.

This trend will certainly impact operational risk teams working in financial services firms in the coming months. In the above session and in my recent communications on LinkedIn, I have communicated the importance of operational risk professionals learning "prompt engineering" to future proof their careers. Prompt engineering is the science of crafting precise queries to elicit high-quality responses from AI models – is a skill that can significantly enhance the benefits of these technologies. Without it, the risk of drawing subpar insights from advanced AI systems increases, potentially leading to misinformed conclusions about the model's capabilities.

If you are new to Generative AI and prompt engineering, then I encourage you to watch this short video I published on YouTube to introduce these concepts to operational risk professionals - Link.

As prompt engineering is becoming a "must have" skill for operational risk practitioners, we at RiskSpotlight have developed an extensive 15-hour online course titled "Prompt Engineering For Operational Risk Management". This course is offered in two tailored formats to accommodate diverse learning preferences and organizational needs:-

1. Our "Corporate Training" option is designed to align with your company's unique requirements, offering a customized training experience that directly addresses the specific challenges and objectives of your organization. See details here.

2. Alternatively, our "Public Course" format provides an inclusive learning environment, welcoming participants from across the financial services sector. See details here.

Concluding Thoughts

As the financial services landscape increasingly shifts towards AI-driven operations, the value of skills that enable professionals to effectively interact with and harness these technologies cannot be overstated. Prompt engineering stands out as a pivotal competency in this new era, ensuring operational risk practitioners not only remain relevant but also contribute strategically to their organisations' AI transformation. At RiskSpotlight, we are committed to equipping professionals with the knowledge and tools necessary to navigate this transition confidently and competently. If you want to explore how our AI Practice can fast-track your team's Generative AI learning and implementation journey then email me at [email protected] to arrange an online meeting.