Unlocking the power of synthetic data in financial services: exploring the legal implications

In collaboration with the Smart Data Foundry, we will explore what synthetic data is and consider the legal implications of using synthetic data in financial services. 

Whether used for training AI models, detecting payments fraud, identifying market data and customer behaviour trends or for other purposes, innovation with synthetic data across the sector is increasing. The legal, regulatory, compliance and risk implications when using synthetic data need to be thoroughly understood, particularly as the Financial Conduct Authority continues to focus on it.

Agenda

In this session we will consider:

• what synthetic data is and how you can identify legal and regulatory risks related to it;
• the relevance of synthetic data to AI foundation models and other uses cases;
• the data protection, security, confidentiality, commercial contracting and licensing concerns that need to be addressed in order to innovate with synthetic data.