Fostering Transparency: Halo AI and the Workshop Agreement Reshaping Fintech

OTTAWA – In the ever-evolving Fintech landscape, companies face a daunting challenge in navigating the complexities of regulatory compliance. The need for effective risk management solutions has never been more urgent. In response to this industry-wide struggle, a collaborative effort between the Digital Governance Council (DGC) and the Canadian RegTech Association (CRTA) has given rise to a groundbreaking workshop agreement: DGSI/WA 126:2023. This agreement was designed to tackle the risks associated with third-party AI/ML solutions used by Canadian financial institutions. Many companies embracing this initiative are setting new standards, and one standout example is Halo AI, widely acknowledged for its outstanding compliance with the workshop agreement.

“The adoption of the DGSI/WA 126: 2023 standards has been instrumental in strengthening Halo AI’s risk and compliance solutions, enhancing our ability to deliver secure, reliable, and compliant services to our clients. By aligning with these standards, we demonstrate our unwavering commitment to excellence and our dedication to meeting the evolving needs of the financial sector. Most notably adherence to these standards has significantly elevated Halo Ai’s credibility in the eyes of our customers, prospects, investors, and partners alike.”

Nagy Ghobrial, Chief Technology Officer, Halo AI

 

Halo AI pioneering in adopting standards for advancement

Halo AI distinguishes itself by offering a comprehensive suite of features that goes beyond traditional risk management. As a business-to-business (B2B) software-as-a-service (SaaS) platform tailored for Fintech companies, Halo AI is dedicated to revolutionizing how these entities handle risk and manage compliance challenges. The platform addresses the regulatory demands by simplifying compliance processes through pre-configured reporting frameworks, providing a cost-effective solution enhanced by AI-driven automation.

 

The Canadian RegTech Association key involvement

This dedication to advancing industry practices aligns with industry initiatives put forward by two influential bodies: the Digital Governance Council (DGC) and the Canadian RegTech Association (CRTA).  The CRTA, established in 2019, has emerged as a key player in facilitating collaboration, knowledge sharing, and the testing of proof-of-concept initiatives within Canada’s RegTech ecosystem. By providing a platform for stakeholders to engage, learn, and innovate, CRTA contributes significantly to elevating standards and promoting growth in the Canadian financial services sector.

 

Groundbreaking workshop agreement: DGSI/WA 126:2023

The workshop agreement seeks to promote transparency, best practices, and consistency in addressing challenges related to outsourcing AI lifecycle processes. With the increasing adoption of AI/ML solutions from Fintech vendors, the workshop agreement aims to mitigate compliance, reputational, operational, and financial risks. DGSI/WA 126:2023 establishes a model governance framework, emphasizing the proactive management of risks and thorough documentation of end-to-end data collection and processing.

The release of DGSI/WA 126:2023 reflects a shared commitment to innovation and digital space advancement in Canada, aligning seamlessly with the forward-thinking goals of Halo AI.  Halo AI’s focus on delivering comprehensive risk management and compliance solutions perfectly aligns with the ethos of industry-driven initiatives outlined in the workshop agreement. Together, they contribute to fostering innovation, transparency, and excellence, navigating the complex landscape of Fintech and AI in Canada. This collaborative effort ensures that the Canadian financial services sector remains at the forefront of technological advancements, setting new standards for risk management and compliance in the Fintech space.

 

Q&A with Halo AI Co-Founder and Chief Technology Officer, Nagy Ghobrial

Integration Method

Q: How did Halo AI go about integrating the DGSI/WA 126: 2023 Baseline Requirements into your existing SaaS platform?

A: Halo AI integrated the DGSI/WA 126: 2023 Baseline Requirements into our existing SaaS platform through a systematic approach, aligning our processes with the outlined standards and leveraging our technology infrastructure to ensure seamless integration.

 

Operational Changes

Q: What operational changes were necessary for Halo AI to meet the DGSI/WA 126: 2023 standards, and how have these changes improved your service offerings?

A: To meet the DGSI/WA 126: 2023 standards, Halo AI underwent significant operational changes, including implementing robust AI/ML model governance frameworks, enhancing accountability measures, and deploying policies and mechanisms to ensure compliance with regulatory requirements. These changes have not only improved our service offerings but have also strengthened our overall risk and compliance solutions.

 

Client Impact

Q: How do the implemented standards enhance the risk and compliance solutions you offer to your clients, especially in the financial sector?

A: The implemented standards have significantly enhanced the risk and compliance solutions offered by Halo AI, particularly in the financial sector, by providing a clear framework for AI/ML system governance, risk management, and compliance. Clients now have greater confidence in the security and reliability of our platform, leading to improved trust and stronger partnerships.

 

Customer Onboarding

Q: Has the adoption of these standards affected the way you onboard new clients onto your platform?

A: The adoption of these standards has streamlined the onboarding process for new clients onto our platform. By adhering to industry best practices and regulatory guidelines from the outset, Halo AI ensures that clients are onboarded efficiently and securely, minimizing potential risks and ensuring compliance from day one.

 

Product Evolution

Q: Can you explain how the DGSI/WA 126: 2023 standards have influenced the evolution of your product roadmap and future feature development?

A: The DGSI/WA 126: 2023 standards have significantly influenced the evolution of Halo AI’s product roadmap and future feature development. We are now prioritizing the integration of advanced monitoring and reporting functionalities, enhanced model performance metrics, and improved transparency and explainability features to align with these standards and meet the evolving needs of our clients.

 

Compliance Benefits

Q: What are the most significant benefits that Halo AI has experienced from being compliant with the DGSI/WA 126: 2023 standards?

A: The most significant benefits Halo AI has experienced from being compliant with the DGSI/WA 126: 2023 standards include enhanced data security, improved risk management capabilities, increased client trust and confidence, and a strengthened competitive position in the market.

 

Competitive Advantage

Q: How does compliance with these standards differentiate Halo AI from other risk and compliance monitoring platforms?

A: Compliance with these standards differentiates Halo AI from other risk and compliance monitoring platforms by demonstrating our commitment to transparency, accountability, and regulatory compliance. Clients recognize the value of partnering with a provider that adheres to industry best practices and meets stringent regulatory requirements.

 

Data Privacy and Security

Q: How do these standards help Halo AI ensure data privacy and security for your customers’ sensitive information?

A: These standards help Halo AI ensure data privacy and security for our customers’ sensitive information by implementing robust data protection measures, stringent access controls, and regular security audits. By adhering to these standards, we mitigate the risk of data breaches and safeguard our customers’ confidential data.

 

Customer Assurance

Q: In what ways do you communicate the compliance with these standards to provide assurance to your customers?

A: We communicate our compliance with these standards through various channels, including regular updates to clients, detailed documentation of our governance processes, and transparent reporting on our adherence to regulatory requirements. This provides assurance to our customers that Halo AI is committed to maintaining the highest standards of security, compliance, and transparency.

 

For media inquiries:
Darryl Kingston
Executive Director
Digital Governance Standards Institute
darryl.kingston@dgc-cgn.org

 

About the Digital Governance Standards Institute 

The Digital Governance Standards Institute develops digital technology governance standards fit for global use. The Institute works with experts, as well as national and global partners and the public to develop national standards that reduce risk to Canadians and Canadian organizations adopting and using innovative digital technologies in today’s digital economy. The Institute is an independent division of the Digital Governance Council. To learn more about the organization and its initiatives, visit www.dgc-cgn.org or contact info@dgc-cgn.org.

 

About the Canadian RegTech Association

The Canadian RegTech Association is a non-profit organization focused on solving regulatory challenges through collaborative efforts between key RegTech stakeholders: regulated entities, technology vendors, regulatory bodies, government and professional service providers.  Learn more at canadianregtech.ca

 

About the Halo AI

The future of Third-Party risk and compliance monitoring and management. A cutting-edge platform offering a holistic third-party risk and compliance monitoring across all key domains, powered by real-time, AI-driven insights.

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