• The AI for Good Global Summit took place from 7-9 June. “Designing a world where humans have to share space with robots is not an easy task. Several initiatives are looking at ways to address issues linked to the main fuel of artificial intelligence: data. Such issues include privacy, data ownership and sharing, but also making sure that artificial intelligence will not widen the existing digital divide. Speakers at a global summit last week provided insight on ongoing efforts to understand and best tackle the inevitable and sometimes unforeseen problems of this new territory.” This post reviews the main areas of discussion.
  • AI provider Kira Systems, has launched a Certified Service Provider Program, with professional services firms Deloitte and Mainspring Consulting Group, as well as alternative legal services providers Axiom, Cognia Law and Elevateall joining as members. Here are the details.

  • “The estimated cost of cybercrime to the global economy last year was $450 billion in direct and indirect damages. Experts estimate that cybercrime costs could reach $2 trillion by 2019, but the Hiscox Cyber Readiness Report 2017 found 53% of companies worldwide were ill-prepared to deal with cyberattacks.” EastNets is using AI to detect fraud in SWIFT payments.

And here’s FICO’s pitch for their anti-fraud products. It includes this cute 1:30 minute promo video.

This is a good discussion of Deep Learning, using a fraud protection product as the case study.

Watson

  • Here’s a direct threat to some billable hours. IBM Watson has rolled “out artificial-intelligence tools to help financial institutions comply with rules and detect possible financial crimes.”
  • “Above the Law” is publishing a series of articles on the impact of AI on legal technology. Here’s the first installment. It basically sets the state for the posts to come.
  • On Monday of this week, the International Conference on Artificial Intelligence in Law (ICAIL) in London included a well-attended pre-conference workshop on AI and Legal Practice. Here are some highlights, including Freshfields’ Milos Kresojevic’s admonition that “it makes no sense to seek AI as an end in itself; it’s only a tool that we can use to re-think the many ways legal services can be delivered. The focus should be on the practice and the client’s needs, not on the tools.”

David Halliwell, Director of Knowledge and Innovation Delivery for Pinsent Masons, opened the event with a pretty blunt assessment: “we are at the peak of a hype cycle on AI in the law now. Many of the attention-grabbing announcements by law firms of their latest AI investments are really just hype. But behind the hype, real progress is actually underway, Halliwell said, pointing out that AI isn’t just one technology, and that it has more than one application in legal work. He identified five areas where AI is having some impact already: Automation of legal reasoning; large-scale document review; Financial analytics for better business decisions; legal research; and prediction of legal outcomes.”

  • This post is a very good overview of how AI can be usefully applied in almost any business situation. It includes several helpful links.