Bank of Montreal Names Milchanowski Chief Artificial Intelligence, Data Officer

By Robb M. Stewart

Bank of Montreal has appointed a new executive to focus on artificial intelligence, data, analytics and robotics strategies as the Canadian lender looks to bolster its digital strategy and tap into AI technologies.

Kristin Milchanowski will step into the role of chief AI and data officer effective Oct. 15, the bank said Wednesday.

An executive with more than two decades of experience, most of which has been in the financial sector, Milchanowski most recently was a global partner and principal at EY, focused on AI, high-process computing and quantum technologies, Bank of Montreal said. She is an artificial intelligence associate fellow at the University of Oxford, where she completed post-doctoral studies in AI and holds a Ph.D in decision sciences.

The appointment was announced the same day that Canada's banking regulator warned of increasing risks to the country's financial system posed by AI.

The Office of the Superintendent of Financial Institutions in an update to its annual risk outlook released in the spring said rapid developments in generative AI have resulted in an increased adoption of AI tools in finance that hold the promise of increased efficiency and decision making and a better customer experience, but which also can transform and amplify existing risks and give rise to new challenges. These include cybersecurity and third-party risks, heightened fraud and money-laundering activity, as well as a risk of potential bias and discrimination in decision making, data privacy concerns and reputational risk, it said.

Bank of Montreal said Milchanowski in her role will champion a transformative AI roadmap for the bank, and she will additionally focus on data management and data governance across the company.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

October 02, 2024 12:14 ET (16:14 GMT)

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