If you're a compliance officer or tech leader, JPMorganChase’s call to action for software suppliers might feel like the Death Star's tractor beam pulling you into a galaxy of security overhauls. Their open letter signals a major shift in how businesses prioritize security, compliance, and transparency in the tech supply chain. It’s no longer about fast features; it’s about trust.
While some organizations are scrambling to respond, ABBYY has been ahead of the curve, setting the gold standard for transparency, ethical AI, and robust compliance practices. Here's the breakdown of JPMorganChase’s concerns and why ABBYY is already doing what the industry now demands.
JPMorganChase’s open letter at a glance
Patrick Opet, Chief Information Security Officer at JPMorganChase, issued a clarion call for SaaS providers to prioritize security and transparency. The letter speaks to the growing risks of relying on interconnected systems and the vulnerabilities within modern SaaS models.
Here’s the TL; DR:
- Security > Speed: Opet emphasizes that prioritizing market speed over strong security creates openings for catastrophic breaches.
- Trustworthy integration: Unchecked integrations (like API vulnerabilities) are single points of failure waiting to happen.
- Action required: Providers must enable “secure by default” configurations and show continuous, verifiable proof of security measures.
The message is clear. Rapid feature releases no longer outweigh the importance of a secure and resilient software ecosystem. It’s a call for an industry-wide shift.
How ABBYY exemplifies security, transparency, and ethics
ABBYY didn’t wait for a call to action—we’ve built our AI and software solutions around trust and transparency from the start.
The ABBYY Trust Center is your one-stop hub for everything compliance-related. It's like Batman’s utility belt—but for data protection, security, and privacy.
Here’s what it offers:
- Compliance reports that showcase ABBYY’s adherence to global security standards
- Security policies designed to protect sensitive data in hybrid and cloud environments.
- Legal transparency with clear privacy practices
- ESG (Environmental, Social, and Governance) information that demonstrates ABBYY’s sustainability efforts
We’ve made it easy for enterprises to verify compliance, understand our security architecture, and trust how we handle their data.
Ethical AI principles
What’s one of the greatest fears in the AI discussion? For many, it’s AI systems turning into something out of a Black Mirror episode. ABBYY sidesteps the dystopian with ethical AI principles guiding every step of development.
- Explainability and transparency: ABBYY systems are as clear as daylight. We believe users should understand how AI decisions are made and have audit trails to verify compliance.
- Accountability: We assign specific roles to oversee AI risk management. It's like assigning a Dungeon Master to ensure all game rules are followed.
- Bias monitoring: ABBYY continuously tests and mitigates bias to ensure AI systems are fair, inclusive, and accurate.
We’re even co-leading a ForHumanity working group, shaping global audit criteria for AI systems. This directly aligns with JPMorganChase’s mandate for transparent software development and integration.
AI risk management policy
ABBYY's AI Risk Management Policy transforms risk into a manageable process and not an enterprise Achilles' heel.
This policy covers our AI-enabled products, including risks across the entire lifecycle:
- Risk identification: We map risks tied to processes like data quality and algorithm integrity.
- Monitoring and review: Real-time feedback loops and performance audits ensure no risks go unnoticed.
- Incident response: Like having fire drills, we prepare for contingencies with escalation mechanisms and manual overrides.
- Continuous improvement: We revisit our frameworks yearly (or immediately if needed) to maintain cutting-edge standards.
What does this mean:
Our AI isn’t just explainable. It’s auditable, adaptable, and designed to mitigate dangers—not replicate them.
Collaborating with ForHumanity on AI policy
ABBYY took its AI ethics and practices one step further by becoming the first participant in ForHumanity Europe’s AI Policy Accelerator.
This initiative validates our AI against rigorous risk management standards, showing our unwavering commitment to:
- Secure and responsible AI integration
- Ethical AI development that aligns with regulatory compliance
- Transparent practices consumers and partners can trust
This level of validation emphasizes ABBYY’s leadership in building systems that meet (and exceed) JPMorganChase’s outlined priorities.
Webinar: You can also register to attend a webinar June 12th hosted by ForHumanity, Law+ Data and ABBYY focused on Model Risk Management certification scheme designed to augment the US Federal Reserve SR 11-7 Model Risk Management guidance by integrating robust and globally harmonized AI Governance, Oversight, and Accountability for AI, Algorithmic, and Autonomous (AAA) Systems and share best practices to mitigate AI regulatory compliance with prescribed compliance protocols to ensure auditability and traceability of compliance obligations.
Register here for "Governance for Model Risk Management in the Age of AI" webinar
Balancing innovation and compliance
Here’s the balancing act every tech leader faces today:
- Continue pushing innovation forward while managing regulatory challenges.
- Build AI systems that dazzle without becoming cause for a system-wide breach.
At ABBYY, we solve this through deliberate strategies:
- Human-centric AI that enhances rather than replaces human oversight
- Purpose-built solutions designed for accuracy and efficiency without treading into unnecessary complexity
- Explainable integration models ensuring transparency, security, and a path for auditing every system
What’s the benefit? Enhanced customer retention, improved brand loyalty, and reduced enterprise risk.
Why customers choose ABBYY
JPMorganChase’s open letter only echoes what ABBYY has known and practiced all along. If transparency, security, and ethical AI are the future, then ABBYY is ahead of the curve.
We’ve built a culture of transparency—including the ABBYY Trust Center and our AI Risk Management Policy—that give businesses the tools they need to innovate responsibly.
When enterprises make trust an asset rather than an afterthought, the benefits are countless. That’s the foundation ABBYY has built for its partners and customers worldwide.
Step into the future with ABBYY
JPMorganChase’s call for action is more than just industry chatter—it’s a bold shift redefining the game. For companies already sharing JPMorganChase’s priorities, this is an opportunity to strengthen their practices and partnerships. For those just beginning to prioritize security and compliance, now’s the time to act decisively.
What’s clear is that ABBYY stands as a trusted guide for businesses navigating this new terrain. Whether you need a secure AI solution, data transparency, or compliance know-how, we’re here to help. Explore our ABBYY Trust Center today and take the first step toward modernizing with trustworthy AI.
