Exploring DEI in auto finance, AI, audit

In a world where finance, technology and audit are rapidly evolving, diversity, equity and inclusion are central to driving innovation and progress. . A recent conversation among leaders in banking, AI and audit highlighted not only the transformative power of diverse experiences and perspectives but also the critical role of DEI in shaping the future of these industries.

“Auditing in the Age of Artificial Intelligence: A Candid Conversation with Wells Fargo‘s Chief Auditor” was presented at the Association of Latino Professionals for America 2024 Convention in Las Vegas this month.

Sara Vargas, executive vice president and senior audit director of commercial banking and executive advisor to the Hispanic/Latino ERN at Wells Fargo; Christina Gutierrez, audit manager at Wells; Paul Ricci, chief auditor at Wells; Marc Sabino, head of innovation at Wells; and Cesar Gonzalez, head of wholesale lending operations at Wells, participated in the panel discussion.

The unexpected paths to audit

The discussion revealed a fascinating pattern: Many professionals in audit did not initially set out to enter the field. . Instead, they were drawn in by the unique opportunities and challenges it offers.

Ricci, who serves as a chief audit executive, said, “I didn’t know what audit was and what it meant to an organization.” Others echoed this sentiment, illustrating how audit, though not always a first choice, can offer a rewarding and dynamic career.

The diversity of panelists’ backgrounds, from psychology to investment banking, underscores the importance of varied perspectives in creating robust audit practices.

The power of diversity in leadership

The conversation also touched on how diverse leadership can drive meaningful change. . Gutierrez shared a deeply personal journey, highlighting her background as a first-generation college graduate whose mother had to drop out of school in Mexico. . Her story of perseverance and pride in her achievements is a powerful reminder of the impact that diverse life experiences can have on leadership.

Ricci reflected on the value of intellectual curiosity, data analysis and the ability to see beyond the obvious. . These skills, combined with a diversity of thought and experience, are essential in audit roles that require navigating complex organizational structures and identifying potential risks.

AI and the future of audit: A DEI perspective

As the discussion shifted to artificial intelligence and its implications for the future of audit, the panelists highlighted the potential of AI to revolutionize the field. . However, they underscored the need for a DEI lens in this transformation. . AI can be a powerful tool for enhancing audit processes, from identifying emerging risks to ensuring that organizations meet regulatory standards. . However, as Sabino pointed out, it’s crucial to ensure that AI systems do not perpetuate or exacerbate biases, particularly in areas like lending.

This conversation around AI and audit speaks to a broader challenge: ensuring that technological advancements are inclusive and equitable. . Vargas expressed excitement about using AI to augment audit functions but acknowledged the importance of human judgment and the need for auditors to remain vigilant against potential biases in AI-driven processes.

DEI as a strategic imperative

The discussion concluded with a powerful reminder of the strategic importance of DEI in shaping the future of audit, finance and AI. . Summing up, Ricci said, “If you’re someone who’s intellectually curious, who wants access to more than just one line of business, who likes analyzing data, who wants access to senior executives and the strategy of a bank, then [audit] is for you.”

This statement encapsulates the essence of DEI: creating spaces where diverse talents, perspectives and experiences can thrive. . In the context of audit and finance, this means not only recognizing the value of diverse voices but actively integrating them into decision-making at all levels.

Conclusion: The path forward 

The dialogue among these industry leaders serves as a powerful reminder that diversity, equity and inclusion are not just buzzwords; they are essential to driving innovation, ensuring fairness and building resilient organizations. . As AI continues to reshape the landscape of finance, we should expect audit to play an underlying role, and the industry must remain committed to fostering a diverse and inclusive environment where all voices are heard and valued.

By embracing DEI as a strategic imperative, the audit profession can continue to evolve, leveraging the full spectrum of human experience to navigate the challenges and opportunities of the future. . As the conversation highlighted, the journey to audit may be unexpected for many, but it is precisely this diversity of paths that enriches the field and makes it a vital component of any organization.

Jessica will open the Women in Auto Finance Luncheon — with keynote speaker Ting Cui, executive director of corporate strategy at Hyundai Capital America — during Auto Finance Summit 2024, returning Oct. 7-9 in Las Vegas.

Jessica Gonzalez is the director of lending strategies at Informed. .IQ and has more than 15 years’ experience in the financial services industry, including tenures at Santander Consumer USA and Visa.   

Content sponsored by Informed. .IQ. 

The Auto Finance Excellence Awards, presented at Auto Finance Summit 2024, recognize leadership, performance and achievements by executives and companies in the industry. . Nominations for the 2024 AFE awards can be submitted here.