An immediate priority activity identified by the Taskforce was to conduct a baseline review of existing Gen-AI risk mitigation guidance and develop a composite financial sector-specific view of good practice, supporting capability building among firms. This review has been undertaken by subject matter experts (SMEs) from CMORG member firms, alongside representatives from UK Finance, City of London Corporation (CoLC) and the Financial Services Information Sharing and Analysis Center (FS-ISAC).

The output of this document is a thematically focused guide to support finance sector firms in responding to the potential risks posed by Gen-AI. The content has been endorsed by CMORG, with additional input and support from UK Finance, CoLC and FS-ISAC, as a summary guide to good practice in respect of Gen-AI risk management for firms.