Fireside Chat

The conversation began by highlighting the delicate balance between innovation and oversight. While AI promises speed and efficiency, it also introduces complex risks around data integrity, model explainability, operational resilience, and ethical accountability. Many firms struggle to align fast-paced innovation with rigorous regulatory expectations, especially in areas like Consumer Duty and individual accountability regimes (e.g., SM&CR).

The speakers emphasised the need for "compliance by design" — embedding risk, legal, and compliance teams early in AI development rather than treating them as gatekeepers at the end. They advocated for cross-functional governance frameworks, robust documentation, and explainable AI to meet both regulatory and customer expectations.

The discussion also highlighted Purple Fabric (PF) as a transformative platform for turning compliance into a strategic enabler. PF helps integrate siloed data, automate intelligently at scale, and embed auditability into business logic. This empowers firms to move beyond simply digitising compliance, positioning GRC as a foundation for agility, trust, and competitive advantage.

A series of industry scenarios — from retail banking to wealth and asset management, life insurance, and speciality markets — illustrated how PF offers actionable insights, real-time alerts, and robust risk monitoring to help CROs stay ahead of emerging risks and avoid costly surprises.

Ultimately, the chat underscored that responsible AI is not a barrier but a differentiator, enabling firms to scale confidently while strengthening stakeholder trust.