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Artificial Intelligence Third-Party Service Provider

WilmerHale

FINRA’s 2025 Annual Regulatory Oversight Report: Focus on AI, Other Emerging Risk Areas, and Best Practices

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On January 28, 2025, FINRA published its Annual Regulatory Oversight Report (the Report). The Report highlights emerging risk areas and recent developments, common compliance deficiencies, and best practices for member firms....more

Carlton Fields

Will Insurers Be Required to Don a Deerstalker? The Case of Third-Party Vendors in Insurance

Carlton Fields on

Regulators are growing concerned about the delegation of various insurance company functions, prompting a closer examination of third-party vendors. Several groups within the National Association of Insurance Commissioners...more

Benesch

Key Considerations in Developing a Comprehensive AI Governance Policy and Mitigating Risks of AI Use

Benesch on

Crafting an AI Governance policy best suited for your business requires careful consideration of the types of AI, how AI will be used, current and future legislation, and a group of individuals specifically designated to...more

Benesch

Navigating Legal Liability in AI Adoption: What Healthcare Executives Need to Know

Benesch on

The adoption of artificial intelligence (AI) in healthcare has ushered in a new era of innovation that is transforming diagnostics, treatment planning and operational efficiencies. However, with great potential comes...more

Jackson Lewis P.C.

Happy Privacy Day: Emerging Issues in Privacy, Cybersecurity, and AI in the Workplace

Jackson Lewis P.C. on

As the integration of technology in the workplace accelerates, so do the challenges related to privacy, cybersecurity, and the ethical use of artificial intelligence (AI). Human resource professionals and in-house counsel...more

LegalMation

Should Attorney Conflict of Interest Rules Apply to Litigation Service Providers and LegalTech Companies, Too?

LegalMation on

This article addresses conflict-of-interest rules and recommendations that guide attorneys, and whether those principles should also apply to certain types of service providers, including legal software-as-a-service...more

BakerHostetler

Potential Risks to Financial Stability: The Financial Stability Oversight Council’s 2024 Annual Report

BakerHostetler on

The Financial Stability Oversight Council (FSOC or Council) unanimously approved and issued its 2024 Annual Report on December 6, 2024, lauding a strong economy and stable financial system while also outlining numerous risks...more

Morrison & Foerster LLP

CFTC Staff Issues Advisory on the Use of Artificial Intelligence

Morrison & Foerster LLP on

On December 5, 2024, the U.S. Commodity Futures Trading Commission’s (“CFTC”) Divisions of Clearing and Risk, Data, Market Oversight, and Market Participants (together, the “Divisions”) issued a staff advisory (the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New York State Department of Financial Services Releases Guidance on Combating Cybersecurity Risks Associated With AI

On October 16, 2024, the New York State Department of Financial Services (NYDFS) released guidance highlighting the cybersecurity risks associated with artificial intelligence (AI) and how covered entities regulated by NYDFS...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

CFPB Issues Guidance With Aggressive Interpretation of FCRA Applicability to Employee Monitoring and Screening Tools

The Consumer Financial Protection Bureau (CFPB) recently issued guidance that takes an aggressive position regarding the scope of the Fair Credit Reporting Act (FCRA) as covering certain employee monitoring and assessment...more

Husch Blackwell LLP

NYDFS Issues Guidance to Mitigate AI Cybersecurity Risks

Husch Blackwell LLP on

Keypoint: The New York Department of Financial Services (NYDFS) circulated an industry letter offering guidance to NYDFS “Covered Entities” for assessing and managing AI-related cybersecurity risks, including threats...more

WilmerHale

The SEC Division of Examinations' Fiscal Year 2025 Priorities

WilmerHale on

On October 21, 2024, the Securities and Exchange Commission Division of Examinations published its examination priorities for fiscal year 2025.1 In this alert, we offer ten observations for broker-dealers. Our observations...more

Goodwin

NYDFS Publishes Guidance on AI-Related Cybersecurity Risks

Goodwin on

On October 16, 2024, the New York State Department of Financial Services (NYDFS or the “Department”) published an industry letter (the “Guidance”) regarding the increased reliance on artificial intelligence (AI) and the...more

Mayer Brown

New York State Department of Financial Services Issues Industry Letter on Cybersecurity Risks Arising from Artificial Intelligence

Mayer Brown on

BACKGROUND - On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter, Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks,...more

Cozen O'Connor

NYDFS Issues Guidance on Cybersecurity Risks Arising from Artificial Intelligence

Cozen O'Connor on

On October 16, 2024, the New York Department of Financial Services (NYDFS) issued an Industry Letter that discusses the cybersecurity risks associated with the use of artificial intelligence (AI) and outlines strategies to...more

ArentFox Schiff

DFS Issues Circular Letter Addressing Cybersecurity Risks Related to AI

ArentFox Schiff on

On October 16, the New York Department of Financial Services (DFS) issued a circular letter addressing cybersecurity risks related to the increasing use of artificial intelligence (AI) in relation to insurers, insurance...more

Harris Beach Murtha PLLC

NY Department of Financial Services Issues AI Cybersecurity Guidance

Harris Beach Murtha PLLC on

The New York Department of Financial Services (DFS) has issued guidance, in the form of an industry letter, on addressing cybersecurity risks arising from artificial intelligence (AI) under its cybersecurity regulation, 23...more

WilmerHale

Navigating Generative AI Under the European Union’s Artificial Intelligence Act

WilmerHale on

This blog post focuses on how the EU’s Artificial Intelligence Act (“AI Act”) regulates generative AI, which the AI Act refers to as General-Purpose AI (“GPAI”) Models....more

WilmerHale

Obligations for Deployers, Providers, Importers and Distributors of High-Risk AI Systems in the European Union’s Artificial...

WilmerHale on

In this blog post, we will focus on obligations that the European Union’s Artificial Intelligence Act (AI Act) sets for deployers, providers, importers and distributors regarding high-risk AI systems....more

Goodwin

EU AI Act: Key Points for Financial Services Businesses

Goodwin on

The European Union (EU) Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending...more

Integreon

Unleashing the Power of GenAI in Contracts Management: 3 Easy Ways to Start and Benefit

Integreon on

Corporate interest in AI, particularly generative AI (genAI), has surged dramatically. For many legal teams, there is pressure all the way from the C-suite to start using this new technology. However, the process of...more

Pillsbury - Global Sourcing Practice

Old Tricks for the New Dog: Why Traditional Technology Sourcing Best Practice Is Relevant for Cutting-Edge AI

Since the release of OpenAI’s ChatGPT, the intense hype around large language models (LLMs) and complex AI systems has exploded. Organizations have rushed to both try and buy these new tools. Along with it, a flood of...more

Venable LLP

Considerations for Handling AI Licensing and Related Data in Tech Contracts: A Customer’s Perspective

Venable LLP on

Artificial intelligence (AI) tools continue to proliferate, with many aiming to automate processes and increase productivity. But customers of these tools or customers of vendors who use them must understand what’s going on...more

Ankura

Solving for the EU’s Artificial Intelligence Act: Obligations of AI Users

Ankura on

In December 2023, European Union (EU) lawmakers reached an agreement on the EU AI Act. Our article titled “An Introduction to the EU AI Act” focused on applicability, thresholds, timing, and penalties related to the EU AI...more

Integreon

Law360 Pulse: A Model for Optimal Legal Tech Investment Strategy

Integreon on

This article originally appeared on Law360 Pulse on February 21, 2024. In a 2023 survey, litigation support company U.S. Legal Support asked lawyers and legal professionals what legal tech trends emerged during the year and...more

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