Ridgeway Partners Tech Newsletter May 2020

Welcome to Ridgeway’s tech, fintech & AI newsletter; our goal is to provide you with takeaways related to talent, hiring, corporate governance and more, and to provide you with insights you can incorporate into your business.

AI & Tech legal experts are in high demand

While the US is still in its infancy when it comes to putting in regulatory frameworks around AI, the field of AI Governance is heating up and companies are thinking ahead by recruiting AI legal and regulatory experts. When it comes to this AI Risk/Legal talent, you’ll pay a premium for the following:

• Anyone with ties to the Federal AI Task Force (or even ties to state-level AI task forces), as they may be able to get your company inside scoop on the impending laws/regulations, ensuring your company and tech stack are well-prepared.
• Someone who can be a public-facing leader. Companies want to show they’re taking the lead in their responsible usage of AI. The easiest way to do this? Hire an AI Legal expert and then make sure they’re seen. Get them speaking at conferences (which can be big part of the job) about how you’re using AI ethically. Finding this leader is easier said than done; it’s tough to find someone with:

1. legal expertise
2. technology/AI expertise
3. comfort speaking in front of thousands of people at a conference

Companies who have added a dedicated AI Ethics Leader range from The Pentagon to USAA, while companies like Workday have taken the approach of adding a General Counsel who has a background in AI Ethics & Policy.

In-Demand AI Ethics & Governance Titles: Chief Ethics Officer, Head of AI Governance, Head of Technology Risk, Head of Data Governance, Chief AI Officer (CAIO)

Boards are also adding experts in AI Ethics

Twitter just added AI Expert Fei-Fei Li, who was previously Google’s Chief Scientist for AI and has been focused on  fairness in AI. Settlements provider DTCC (Depository Trust & Clearing Corporation) added Craig Messinger, BNY Mellon’s former Head of Trading & Risk Management, who put algorithmic execution and risk management strategies in place at both BNY and Fidelity.

Boards continue to be focused on cybersecurity and risk

Green Dot  added Visa’s former Chief Risk Officer, Ellen Richey. Western Union added cybersecurity leader Tim Murphy, to their board, and they now join a slew of other companies who have cybersecurity experts on their board, including Akamai, Delta, Goldman Sachs, LogMeIn ,Snap, American Express,  PNC and Mimecast , to name a few. What’s causing this focus on adding cybersecurity leaders to the boardroom? The SEC has advised public companies to have cybersecurity expertise in the boardroom and it may even become the law if a bill currently in front of Congress called “The Cybersecurity Disclosure Act” passes.

Layoffs. Furloughs.

Every industry has been impacted by COVID and lots of companies have gone through layoffs; here are some helpful compilations of layoff lists and resources:

• Layoff Tracker , Ongig, Candor & Drafted: Compilations of which companies are going through layoffs- these resources often include lists of the employees who have been impacted.

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