Measuring AI Incidents and Impacts in the US Financial Sector
In Partnership with HCL Tech
The rapid deployment of generative and agentic AI in the financial services sector is expanding the scope of AI systems, forcing institutions to navigate a growing and unpredictable risk landscape. To mitigate the risk of operational failures and governance gaps, organizations need a consistent way to identify, measure, and disclose AI incidents, yet few such frameworks and studies exist today.
Oxford Economics, in collaboration with HCLTech, reviewed existing literature and recent Securities and Exchange Commission (SEC) filings to understand how AI-related incidents are emerging, classified, and disclosed within the US financial services sector. Our research points to growing concerns about AI risk and a lack of transparency around incident reporting. In an effort to close this transparency gap and create a foundation for future research into this area, we propose a measurement framework that is tailored to incident types and impacts in the financial services sector.
The experts behind the research
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Edward ConeEditorial Director, Thought Leadership
Editorial Director Edward Cone oversees global research programs for our Thought Leadership group. As Technology Practice Lead he works with clients such as Google, Accenture, IBM, SAP, and many others. His areas of focus include Artificial Intelligence, the impact of technology on business performance, and healthcare organizations.
Edward joined the firm in 2012 after more than two decades as a business and technology journalist based in New York, Paris, and North Carolina, including stints as an editor and writer at various Ziff Davis magazines (CIO Insight, Baseline), a contributing editor at Wired, and a staff writer at Forbes.
Edward also wrote a weekly newspaper opinion column for many years in his hometown of Greensboro, NC and authored a semi-popular blog. He has contributed to a bewildering variety of magazines and papers on topics ranging from politics to rock climbing and was a frequent speaker and organizer at new media conferences across the country. Honors for his work include the 2020 Rybczynski Prize, awarded for the best essay on economics by Society of Professional Economists, and various awards from the American Society of Business Publication Editors and the North Carolina Press Association. He has a BA from Haverford College.
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Sundus AlfiSenior Editor, Thought Leadership
Sundus manages research programs for the Thought Leadership team, focusing on topics like generative AI, customer experiences, sustainability, and the future of work. She is involved in all aspects of research, from drafting hypotheses and designing global executive, employee, and consumer surveys to analyzing large datasets and reporting on the results in briefing papers and graphics. She also has experience conducting interviews, writing case studies, and presenting her research in webinars.
Sundus graduated from the University of North Carolina at Chapel Hill in 2018 with degrees in Public Policy and Economics.
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Revan AponsoResearch Associate, Thought Leadership
Revan's research experience covers a variety of areas from venture capital and affordable lending to supply chain logistics and advanced manufacturing. Revan holds a Bachelor of Arts in Economics from New York University, where he also served as a staff writer for the university's Economics Review.
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Melissa Leon PonsResearch Associate
Melissa joined Oxford Economics in 2023 ready to assist with program writing and development. Her background in both healthcare and diversity and inclusion research, strategy development, and service procurement guide her report writing and analysis across a wide array of projects. She holds an Honors Bachelor of Arts degree in American Studies from Williams College and is fluent in both English and Spanish.
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