The AI Readiness SIG provides a space to address AI-related challenges that are common to all members.

The recent advances in AI (and more specifically Generative AI) are poised to have a disruptive impact across both our business and home lives. The rapid advances (that are showing no sign of slowing) are leading to a wealth or potential that touches upon the products we (within financial services) offer to clients, our personal productivity as well as the operational aspects of our business. Very few technologies in the past have had such a broad 'reach'.

There are certainly challenges and issues with the current technology (hallucinations, prompt injections), but things are moving at pace, and the technology challenges we see today may not exist tomorrow.

There is a very strong desire to on-board, trial, experiment and release products using this technology across the FINOS membership and broader FS community. However, as an industry we have some unique challenges.

All banks have mature processes for on-boarding technology, however, (Generative) AI presents some new challenges that the existing processes may not be well-suited to addressing. Without going into the details, there is much work needed to allow the 'safe' use of AI (where safety considers both the customer and the bank) and ultimately allow FS organisations to rapidly adopt new technologies as they emerge.

The goal of this SIG is to provide a space for discussing challenges that are common across all members. This aligns with the approach taken by the Open Source Readiness SIG, and this group may choose to pursue similar initiatives—such as creating educational materials, offering training, and raising awareness.

In its first year, the SIG developed the FINOS AI Governance Framework (now a standalone project), which supports the onboarding, development, and operation of AI-based solutions within financial services organizations—helping adopters stay ahead of emerging regulations.

Looking ahead, the SIG plans to engage with regulators to promote alignment between future regulations and the language and approaches used in FINOS projects.

We use the following channels:

• Group email distribution list: ai-readiness@lists.finos.org
• Meeting agenda and notes are recorded on GitHub.
• Meetings are held bi-weekly, with details found on the FINOS community calendar

The group is led by the three co-chairs:

• Colin Eberhardt, CTO, Scott Logic (co-chair)
• Ian Micallef, Citi, ICG Head of Developer Engineering (co-chair)
• Madhu Coimbatore, Morgan Stanley, Head of Firmwide AI Development Platform (co-chair)

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