Risk Management at FOX is focused on all aspects of risk for its membership including families, family offices, operating companies, and advisor organizations. FOX hosts a quarterly meeting comprised of different vendors and thought leader specialists whose focus is in the areas of Cybersecurity, Physical Security, Personal Security, Insurance, Governance Risk, and so forth. FOX membership is invited to learn and discover the broadness of this kind of risk management and more importantly, directions and solutions to help face the challenges that come with it.
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Financial Services CFOs Embrace Tech to Drive Growth
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Amid the growing excitement surrounding generative artificial intelligence (AI) and other emerging technologies, CFOs in asset management and banking remain keenly focused on the impact that these tools can have on their clients. AI is enabling asset management firms to provide investors with valuable insights from extensive datasets, assisting them in selecting the most profitable strategies. Similarly, technology is aiding banks in serving their customers more effectively and efficiently, fostering long-term relationships.
Preparing Your Board for Generative AI
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For board members and non-executive directors, generative AI stands as a pivotal innovation that offers unprecedented opportunities to drive business value, improve productivity, reach broader audiences, streamline operations, and help address complicated global issues. However, it also raises complex business and ethical questions. To gain the full trust of stakeholders and customers, AI systems need to be designed with governance, risk, legal, and ethical frameworks in mind.
Joint Guidelines for Secure AI Deployment
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New cybersecurity guidance for artificial intelligence (AI) systems was issued jointly by the U.S. Cybersecurity and Infrastructure Security Agency, the FBI, the National Security Agency’s Artificial Intelligence Security Center, and cybersecurity agencies of Australia, New Zealand, the U.K., and Canada. The Guidelines, Deploying AI Systems Securely: Best Practices for Deploying Secure and Resilient AI Systems, are particularly notable because they focus on best practices for organizations that deploy AI developed by a third party rather than targeting developers of AI systems.
Digital transformation is widely misunderstood as being primarily focused on digitizing existing processes, moving to the cloud, or enabling scalability of the business. While this was true historically, today digital transformation requires taking bold steps and deploying advanced technologies such as AI, machine learning, augmented reality, blockchain, and others to create innovative new products that can make new revenue streams possible.
Founder and Managing Partner of Exponential Ventures, David Blundin is a 23-time serial entrepreneur and 15-year VC who founded MIT’s first Neural Network AI company and who teaches “AI for Impact” at MIT. Dave will bring together his years of personal experience and knowledge along with timely information, to discuss the AI revolution and what our family office community can be doing to prepare.
Putting Security at the Epicenter of Innovation
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Despite cybersecurity being noted as a top priority according to PwC’s 2024 Global Digital Trust Insights survey of 3,876 business and tech executives at the largest global companies, the actual progress on improving security is sluggish, even stagnant. By making one or two bold moves to put security at the epicenter of innovation, the top companies are positioning themselves for greater productivity and faster growth as they dive into new technologies with confidence that they are well protected.
FOX Technology Resource Partners act as both core and peripheral services and solutions for the community and membership including families, family offices, operating companies, and advisor organizations. FOX hosts a monthly meeting comprised of different thought leader specialists whose focus is in the areas of technology including software, data management, outsource services, advisors and consultants, and managed service providers. FOX membership is invited to learn and take a deep dive into our Tech Partner platforms, solutions, and services.
While the artificial intelligence (AI) transformation is a part of the larger digital change, it’s taking on a life of its own. Even if a company can adapt to the change, it doesn’t mean it’s ready for AI. There are many more considerations, and it requires a different approach where the audit committee plays a crucial role that will bring valuable oversight and guidance to this technological evolution through their understanding of risk and assurance.
While IT functions are playing a central role in today’s digital transformation, their future is uncertain with public cloud, everything-as-a-service (XaaS), AI, and other advancements making new demands of IT leaders and their teams. Looking at the challenges and impact of six trends on IT’s mission and value proposition in an AI-enabled world, it’s clear that a leap forward with digital transformation is required if IT wants to be a driving force behind the successful integration and application of technology to build innovative, resilient, sustainable, data-driven organizations.