The US Department of the Treasury recently announced two new resources to assist with the adoption of artificial intelligence (AI) in the financial services sector.
The resources were developed by the Artificial Intelligence Executive Oversight Group (AIEOG), a public-private partnership between Treasury’s Financial and Banking Information Infrastructure Committee and the nonprofit Financial Services Sector Coordinating Council. They are part of a broader initiative to improve cybersecurity and risk management for AI in financial services, following President Donald Trump’s AI Action Plan released in July 2025. The AI Action Plan is a policy roadmap anchored in Executive Order 14179 that rescinds prior directives and establishes a new federal framework for AI.
Description of resources
The two resources – a shared AI Lexicon and the Financial Services AI Risk Management Framework (FS AI RMF) – are intended to respond to practical challenges that financial institutions face given the acceleration of AI adoption.
The AI Lexicon establishes common definitions for key AI concepts, capabilities and risk management terms, with the stated goal of addressing inconsistencies in terminology to facilitate clear and consistent “communication and collaboration” across legal, technical and business functions.
The FS AI RMF operationalizes the existing NIST AI Risk Management Framework – a voluntary framework released in January 2023 by the National Institute of Standards and Technology (NIST) within the Department of Commerce that applies broadly across industries – into actionable guidance specific to banks and other financial services firms. The new framework includes a questionnaire to help institutions assess their current AI adoption progress and a matrix of 230 control objectives to help manage AI-related risks, with controls categorized by stage so institutions can scale their risk management efforts in line with their level of adoption.
These tools are significant for the financial services industry because they move beyond high-level principles and provide concrete, operational guidance that financial institutions of all sizes can potentially implement.
What’s next?
Treasury plans to release four more resources covering priority areas, including governance, transparency, data practices, fraud and digital identity. Treasury will continue to work with federal and state regulators, industry leaders and other stakeholders to promote responsible AI adoption across the sector. Financial institutions should monitor these releases closely, as the full suite of tools is expected to provide a comprehensive, sector-specific foundation for AI risk management and governance going forward.