Odd Lots Goldman Sachs CIO on How the Bank Is Actually Using AI
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Aug 8, 2024 
Marco Argenti, Chief Information Officer at Goldman Sachs, discusses the bank's strategic use of AI amidst rising hype and concerns. He shares insights on developing internal AI tools and balancing risks like data privacy with opportunities for innovation. Argenti emphasizes the importance of human oversight in managing AI-driven processes and how the role of CIO is evolving in this landscape. Additionally, he touches on optimizing efficiency with AI and the impact of technological advancements on the financial sector.
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Building a Safe AI Platform
- Goldman Sachs built a platform (GSAI) around existing AI models for safety and reliability.
- This platform provides a secure environment for model usage and improves accuracy with techniques like RAG.
AI's Common Sense
- Generative AI can extract information from documents, even with errors.
- If a phone number has an 'O' instead of a '0', the AI recognizes and corrects it due to its common sense.
Regulation and AI Governance
- Goldman Sachs' regulated environment helps them address AI's unknowns.
- They work with regulators and utilize existing model risk management practices for AI governance.