--- ticker: BEN company: BEN filing_type: 10-K year_current: 2026 year_prior: 2025 risks_added: 0 risks_removed: 0 risks_modified: 17 risks_unchanged: 15 source: SEC EDGAR url: https://riskdiff.com/ben/2026-vs-2025/ markdown_url: https://riskdiff.com/ben/2026-vs-2025/index.md access: public_preview generated: 2026-11-14 --- # BEN: 10-K Risk Factor Changes 2026 vs 2025 > Source: U.S. Securities and Exchange Commission (EDGAR) > Generated: 2026-11-14 > Disclosure text is extracted from official filings. Automated extraction and matching can contain errors. ## Disclosure overview 17 matched sections have text edits; 15 have identical text after formatting cleanup. 0 current and 0 earlier sections lack a one-to-one match. Business-risk direction: **Undetermined**. Text changes do not measure financial impact. ## Summary | Status | Count | |--------|-------| | No prior section match | 0 | | No current section match | 0 | | Changed wording | 17 | | Unchanged | 15 | --- ## Selected change This public preview includes one change. Research access provides the complete comparison and historical data. ## Changed wording: 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. [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.](https://www.sec.gov/Archives/edgar/data/38777/000003877726000289/ben-20260930.htm#:~:text=Developing%20regulatory%20and%20legislative%20treatment%20of%20AI%2C%20and%20failure%20to%20adequately%20address%20AI%2Drelated%20challenges%2C%20creates%20a%20risk%20of%20reputational%20harm%20and%20an%20impediment%20to%20growth.) — 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.](https://www.sec.gov/Archives/edgar/data/38777/000003877725000238/0000038777-25-000238-index.htm) — exact passage unavailable; open filing **Key changes:** - 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." **Prior (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. **Current (2026):** 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. --- ## Source filings - [2026 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/38777/000003877726000289/0000038777-26-000289-index.htm) - [2025 10-K filing on SEC EDGAR](https://www.sec.gov/Archives/edgar/data/38777/000003877725000238/0000038777-25-000238-index.htm) [View the full comparison with Research](https://riskdiff.com/ben/2026-vs-2025/full/) *Data sourced from SEC EDGAR. Page generated 2026-11-14; source filing dates vary.*