Added factors have no prior-year match; removed factors have no current-year match. Changed wording describes edits within matched factors. Check whether unmatched wording was reorganised elsewhere: an added factor does not establish a new risk, and a removed factor does not establish resolved exposure.

🟡 Changed wording Disclosure change4/10

Developing regulatory and legislative treatment of AI, and failure to adequately address AI-related challenges, creates a risk of reputational harm and an impediment to growth.

high match confidence

Sentence-level differences:

View all 9 sentence differences

Removed sentence: "Artificial Intelligence (AI) is used in many areas of our business and we plan to further incorporate AI into additional areas."
Removed sentence: "The use of AI offers efficiencies, but also introduces significant challenges related to data security, privacy, intellectual property, regulatory compliance, accuracy and bias concerns, and reputational harm, among others."
Added sentence: "AI is used in many areas of our business and we plan to further incorporate AI into additional areas."
Added sentence: "The use of AI offers efficiencies, but also introduces significant challenges related to data security, privacy, intellectual property, regulatory and legislative compliance, accuracy and bias concerns, and reputational harm, among others."
Removed sentence: "Globally, courts and regulatory agencies are developing approaches to dealing with AI-related issues, which creates uncertainty around the use of the technology."
Removed sentence: "Use of AI technologies requires ongoing operational controls and procedures, and the development and implementation of appropriate protections and safeguards."
Added sentence: "Globally, courts, regulatory agencies and legislative bodies are developing approaches to dealing with AI-related issues, which creates uncertainty around the use of the technology."
Added sentence: "Use of AI technologies requires appropriate governance, operational controls and procedures, and the development and implementation of appropriate protections and safeguards."
Added sentence: "Our growing reliance on technological data and algorithms and use of AI may make us more susceptible to cybersecurity threats."

Current (2026):

Read full text

AI is used in many areas of our business and we plan to further incorporate AI into additional areas. The use of AI offers efficiencies, but also introduces significant challenges related to data security, privacy, intellectual property, regulatory and legislative compliance, accuracy and bias concerns, and reputational harm, among others. For example, AI technologies, including generative AI, may create content that appears correct but is factually inaccurate or flawed. AI technologies evolve at a rapid pace and their usage requires integration with other technology applications, data platforms and business processes. Globally, courts, regulatory agencies and legislative bodies are developing approaches to dealing with AI-related issues, which creates uncertainty around the use of the technology. Use of AI technologies requires appropriate governance, operational controls and procedures, and the development and implementation of appropriate protections and safeguards. Our growing reliance on technological data and algorithms and use of AI may make us more susceptible to cybersecurity threats. Failure to successfully integrate AI technologies, respond to client or market demands, identify or address applicable legal or regulatory issues or effectively manage related risks could result in legal and regulatory liabilities and harm our reputation and growth.

View prior text (2025)

Artificial Intelligence (AI) is used in many areas of our business and we plan to further incorporate AI into additional areas. The use of AI offers efficiencies, but also introduces significant challenges related to data security, privacy, intellectual property, regulatory compliance, accuracy and bias concerns, and reputational harm, among others. For example, AI technologies, including generative AI, may create content that appears correct but is factually inaccurate or flawed. AI technologies evolve at a rapid pace and their usage requires integration with other technology applications, data platforms and business processes. Globally, courts and regulatory agencies are developing approaches to dealing with AI-related issues, which creates uncertainty around the use of the technology. Use of AI technologies requires ongoing operational controls and procedures, and the development and implementation of appropriate protections and safeguards. Failure to successfully integrate AI technologies, respond to client or market demands, identify or address applicable legal or regulatory issues or effectively manage related risks could result in legal and regulatory liabilities and harm our reputation and growth.

2026: Developing regulatory and legislative treatment of AI, and failure to adequately address AI-related challenges, creates a risk of reputational harm and an impediment to growth. — printed page 25

2025: Developing regulatory treatment of AI, and failure to adequately address AI-related challenges, creates a risk of reputational harm and an impediment to growth. — exact passage unavailable; open filing

🟡 Changed wording Regulatory and governmental examinations and/or investigations, litigation and the legal risks associated with our business, could adversely impact our AUM, increase costs and negatively impact our profitability and/or our future financial results. 🔒

🟡 Changed wording Any significant limitation, failure or security breach of our information and cybersecurity infrastructure, software applications, technology or other systems, or those of our third-party providers, that are critical to our operations could disrupt our business and harm our operations, financial condition, and reputation. 🔒

🟡 Changed wording Volatility and disruption of our business and financial markets and adverse changes in the global economy may significantly affect our results of operations and put pressure on our financial results. 🔒

And 13 more changes in the full comparison.

16 more changes in this filing

Full diff access, historical comparisons, and cross-company signal tracking.

Get Research access Already a Research subscriber? View full diff →

BEN: 10-K Risk Factor Changes

Disclosure overview

Developing regulatory and legislative treatment of AI, and failure to adequately address AI-related challenges, creates a risk of reputational harm and an impediment to growth.