Corridor Platforms and Oliver Wyman Join Forces to Address Governance Challenges in New Gen AI Initiative for Financial Services: Project GGX
Corridor Platforms, a leading decision workflow automation platform, and Oliver Wyman, the global management consultancy, today announced a new generative AI initiative: Project GGX.
Key questions that Project GGX will address are: How can GenAI be safely deployed in large complex enterprises like financial institutions? What should leading institutions consider as they evaluate how to safeguard against unintended risks and consequences resulting from generative AI?
"Project GGX builds upon our team’s success implementing the first AI risk decisioning and governance suite fit for large, regulated entities,” said Manish Gupta, Founder and CEO of Corridor Platforms. “We aim to collaborate with industry first-movers to demonstrate new analytical techniques and risk management processes that leading firms can consider as they weigh how to use this powerful new technology safely. Along the way, we also look forward to contributing to the open source community in hopes of bringing the industry closer to making scaled GenAI use cases in financial services a reality.”
Oliver Wyman Global Head of Capabilities, Michael Zeltkevic said, “The purpose of Project GGX is to begin to chart a practical test-and-learn approach on GenAI usage that addresses today’s challenge of turning GenAI pilots into scaled, enterprise-safe deployments. We are best positioned to execute this initiative given the combined depth of specialization across our joint team members, building upon Oliver Wyman’s multi-decade heritage as a financial services risk management advisor and Corridor’s leading technology capabilities.”
GenAI presents new opportunities to streamline many business processes, improve workforce productivity, and in some cases, opens the door to entirely new business models. However, most companies have not yet adopted the technology at scale, in large part due to the novel risks it presents and the many unknowns that remain. The powerful combination of Oliver Wyman's leading risk management capabilities and Corridor’s world class technology platform aims to help fill this gap by understanding how to test for, measure, and monitor novel risks that GenAI presents. The result of the work will illustrate the complexities of embedding GenAI in risk management processes and serve as a live case study to advancing the industry dialogue on how to practically deploy this novel technology.