Throughout February, the Treasury Department plans to issue six resources intended to help enable secure and resilient artificial intelligence (AI) across the financial services sector. The agency released the first two resources on Thursday.
The guidance comes after the conclusion of the Artificial Intelligence Executive Oversight Group (AIEOG), a public-private partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council (FSSCC).
The AIEOG brought together senior executives from financial institutions, federal and state financial regulators, and other key stakeholders to develop AI-specific tools for financial institutions.
“Treasury brought public- and private-sector partners together to develop practical tools that can effect real change in the financial sector through the AIEOG,” said Cory Wilson, the Treasury Department’s deputy assistant secretary for cybersecurity and critical infrastructure protection, in a press release.
“These resources are designed to help institutions, particularly small and mid-sized institutions, harness the power of AI to strengthen cyber defenses and deploy AI more securely,” Wilson said.
The first two resources are an AI Lexicon that defines key AI-related terms, and the Financial Services AI Risk Management Framework (RMF), which complements the National Institute of Standards and Technology’s AI RMF.
Through this work, the Treasury Department said it is advancing President Donald Trump’s AI Action Plan by strengthening AI security in the financial sector.
“This work demonstrates that government and industry can come together to support secure AI adoption that increases the resilience of our financial system,” said Secretary of the Treasury Scott Bessent.
“Through our public-private partnership, FSSCC and Treasury?have taken an important step to address complex challenges posed by AI,” added William Demchak, PNC chairman and CEO, and AIEOG executive member. “By clearly identifying and addressing the associated risks, financial institutions – regardless of size – are now positioned to harness the full power of this transformative technology, driving innovation and value for their clients while strengthening multiple facets of their organizations.”