Chip Somodevilla
In her testimony before the House Committee on Financial Services, Citigroup (NYSE:C) CEO Jane Fraser will discuss the importance of data security and privacy and new technologies, among many other topics Subjects, according to their prepared remarks.
“With the proliferation of new technologies, the use of mobile and cloud and managed services to conduct financial transactions, a changing geopolitical landscape, and the increasing sophistication of threat actors, Citi(C) and other financial institutions have been and continue to be the subject of cyber incident concerns ” she will say.
As a result, the bank employs “a threat-centric, data-driven strategy to protect against, detect, respond to and recover from cyberattacks,” the testimony said, adding that Citi(C) is involved with industry, government and cross-industry groups Sharing knowledge to build their resilience.
Fraser will also stress that the bank does not sell any personally identifiable information and ensures that third parties it works with comply with its data protection requirements.
Examples of new technologies that better serve customers include investments in digital wallets. “Our partnerships with mature digital wallet providers allow us to streamline and simplify payments across merchants and devices,” the CEO is expected to say. “Similarly, we use artificial intelligence for fraud prevention and credit scoring to support our responsible and customer-centric approach to decision-making.”
The company established an artificial intelligence and machine learning (AI/ML) center of excellence last year to develop best practices and help set standards for AI/MI in its products and services, Fraser said.
“In the areas of distributed ledger technologies and digital assets, Citi (C) is focusing resources and efforts to adapt to the rapidly evolving environment and its associated risks and opportunities, including customer interest, regulatory developments and technological advances, based on a measured approach of customer demand and under strict governance controls and only as permitted by our regulators,” she will say.
Launched this year, the DLT Center of Excellence is designed to “drive an appropriate level of governance, risk management and responsible innovation in every use of DLT and digital assets across the enterprise,” Fraser will say.
Earlier this month, the Wall Street Journal reported that Citi (C) is expected to come up with a new plan to address regulators’ concerns about the company’s risk management systems.
