As businesses across the world deepen their reliance on AI, one local expert is calling for a balanced approach—one that embraces innovation while managing emerging risks responsibly.

Denis Gray, Group Chief Risk Officer at VM Group, is raising timely considerations about how AI is transforming the business and financial sectors—and why foresight, ethics, and strong governance must guide its adoption.

“AI is already changing how we work, from customer service to fraud detection and risk forecasting,” said Gray. “But some systems operate like black boxes. Without transparency and ethical guardrails, businesses risk regulatory exposure, reputational harm, or flawed decisions built on poor data.”

Gray highlights that while major institutions worldwide are increasingly investing in AI to enhance efficiency and bolster security, especially in areas like cybersecurity and fraud prevention, the technology also introduces new vulnerabilities.

He noted that cyberattacks powered by AI are becoming more sophisticated, posing greater challenges to defenders.

“Additionally, some AI models operate as ‘black boxes’, producing results without transparent reasoning, which complicates auditing and regulatory compliance. Also, biased or flawed data can lead to discriminatory or unreliable outcomes, raising significant ethical and operational concerns,” he said.

These concerns are especially relevant to financial institutions, which are both prime targets for cyber threats and accountable for fairness in areas like lending, onboarding and risk scoring.

“Jamaican businesses are part of this global shift,” Gray noted.
“But many face additional hurdles like legacy systems, limited AI expertise, or insufficient data quality, which can amplify the risks if not addressed.”

When asked what leaders should prioritise, Gray emphasised the importance of establishing strong AI governance frameworks at both the board and executive levels. He urged organisations to invest in maintaining high data quality and transparency while ensuring that human oversight remains integral to critical decision-making processes.

“Staying informed about evolving regulations is essential to remaining compliant and ethical,” he said, adding that above all, AI initiatives should focus on solving real business problems rather than simply following trends.

“This isn’t about being afraid of AI,” he said. “It’s about using it responsibly, and aligning it with your organisation’s values, risk appetite and long-term goals.”