Chair of the Consumer Financial Services practice, Jonathan Pompan presented “Regulation and Risk Management of Artificial Intelligence and Machine Learning in Receivables Management,” hosted by RMAi. This webinar will unpack important developments shaping innovation and the use of artificial intelligence and machine learning in the receivables management industry. The use of AI and ML has been on the rise for purchasing, collections and consumer engagement, and compliance. At the same time, federal and state regulators are scrutinizing the use of AI and ML in decision-making, credit origination, servicing, consumer outreach and liquidation strategies, and other areas to help ensure that companies are appropriately avoiding discrimination and unfair, deceptive, and abusive acts and practices (UDAAP). To that end, this session will explore ways companies may be using AI and ML today and in the future, and can adopt processes for assessing risks and to help avoid discriminatory outcomes and related UDAAPs. Our panelists will also share briefings from the field, and on regulatory developments that are ongoing and on the horizon.
Topics and takeaways will include:
- How is AI and ML used today, and potentially in the future.
- RMAi’s Certification Standard A23 and what it means for business operating within the industry.
- Update on regulation of AI applicable and proposed by policymakers.
- Insights into regulatory frameworks, and how AI can help debt buyers drive results while managing risk.
- How board and management can improve their ability to understand and adopt AI and ML by developing a compliance governance framework.
- Strategies for how to present AI and ML in exams, investigations, and in business relationships.
Co-Panelist: Nathan Anderson, Senior Strategic Consultant, SuccessKPI