Artificial intelligence (AI) firm ValidMind has hired former JPMorgan Chase executive Kristof Horompoly.
According to an email, Horompoly is now the new Head of AI Risk Management at ValidMind. While at JPM, Horompoly was head of Responsible AI at the global bank..
Horompoloy is expected to aid in the implementation of regulatory-compliant AI for financial institutions. AI and financial services are quickly becoming ubiquitous, and regulators are rushing to catch up to the fast-moving technology.
ValidMind says its goal is to make its solution the gold standard of AI governance for risk management teams. ValidMind says that many companies are not ready to embrace the new AI-fused world. Given increases in regulatory scrutiny and higher commercial and security risks, they want to empower firms to offer compliant solutions.
The new hire follows the announcement of $8.1 million in seed funding this past March.
ValidMind said the money will be instrumental in further developing their platform.
“The overwhelming response we have received from the banking community for our solution has been exhilarating, and we look forward to working with our partners and customers to deliver on our vision and provide a compelling and groundbreaking AI and Model Risk Management solution,” the company explained.