Graham Steele, assistant secretary for financial institutions at the Department of the Treasury, said the department is working with cloud service providers — a.k.a. CSPs — like Amazon Web Services to support financial institutions in advancing their cloud adoption efforts.
Steele said AWS collaborates with Treasury’s Cloud Executive Steering Group to improve transparency and monitoring of cloud services within the financial services sector, the department said Tuesday.
“By bringing CSPs into the fold alongside other private sector and regulatory stakeholders, we are working toward establishing a more transparent model that places less pressure on cloud customers and asks CSPs to take more responsibility for the security of those customers,” Steele shared at the AWS Gov2Gov Summit.
In his speech, Steele also noted the benefits and risks of using artificial intelligence and automated systems in the financial services sector.
“AI may offer benefits, such as reducing costs and improving efficiencies, identifying more complex relationships, and improving performance and accuracy,” he said.
However, financial institutions may also face challenges and risks arising from the design, deployment and use of AI technologies.
