The U.S. Department of the Treasury has announced the completion of a significant public-private initiative aimed at improving cybersecurity and risk management for artificial intelligence (AI) in the financial services sector. This effort supports the President’s AI Action Plan.
Throughout February, Treasury will release six resources created in collaboration with industry partners and federal and state regulators. These resources are intended to help financial institutions implement secure and resilient AI systems.
Secretary of the Treasury Scott Bessent stated, “As this Administration has made clear, it is imperative that the United States take the lead on developing innovative uses for artificial intelligence, and nowhere is that more important than 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.”
The Artificial Intelligence Executive Oversight Group (AIEOG), which includes members from both public agencies and private financial institutions, coordinated this initiative. The group focused on addressing gaps in how AI is used within finance and developed tools to help manage risks specific to AI while encouraging innovation.
Cory Wilson, Deputy Assistant Secretary of the Treasury for Cybersecurity and Critical Infrastructure Protection, said, “Treasury brought public- and private-sector partners together to develop practical tools that can effect real change in the financial sector through the AIEOG. 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.”
The deliverables from AIEOG will be released gradually during February. They cover areas such as governance, data practices, transparency, fraud prevention, and digital identity. The goal is to provide practical guidance rather than strict requirements so that organizations can adopt AI with greater confidence.
William S. Demchak, PNC Chairman & CEO and an AIEOG executive member, commented: “Through our public-private partnership, FSSCC and Treasury have taken an important step to address complex challenges posed by AI. 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.”
This initiative aims not only to protect U.S. financial systems but also to promote best practices for secure AI deployment globally.
