Financial institutions are no strangers to vendor selection, but AI has added a new layer to assess during due diligence and overall compliance efforts.
Instead of leaving the due diligence to the financial institutions, fintechs “are taking a proactive approach by conducting their own compliance audits and using the results as a market differentiator,” attorney James Brody, founder and managing partner of law firm Brody Gapp, told FinAi News. Brody Gapp offers compliance-driven legal solutions for mortgage and financial institutions.
AI-driven pre-underwriting provider Friday Harbor, for example, was deemed compliant with AI governance standards through attestation performed by Brody Gapp in May, Friday Harbor Chief Executive Theo Ellis told FinAi News.
