Regulating AI in the financial sector: recent developments and main challenges

FSI Insights on policy implementation (Financial Stability Institute)

Regulating AI in the financial sector: recent developments & main challenges-

Key insights from Bank for International Settlements – BIS report

✅ The exponential growth in and accessibility of AI technology is accelerating its use by financial institutions but they seem cautious about generative AI

✅ The wider use of AI has the potential to bring transformative benefits to the financial sector but may also exacerbate existing risks.

✅ To address AIrisks, international and national authorities have introduced (cross-)sectoral AI-specific guidance

✅ The common themes contained in cross-sectoral AI-specific guidance are the same themes emphasised in financial regulations

✅ Use of AI by financial institutions,particularly in their core business activities, would require clear allocation of roles and responsibilities across the entire AI life cycle.

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