Global financial authorities are taking measures to monitor the risks associated with the rapid adoption of artificial intelligence in the banking sector.
Adrian Rusu
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Worried about the excessive dependence of financial institutions on the same AI models and specialized equipment, authorities are increasingly concerned about possible 'herd effects' that could amplify systemic risks. Both the Financial Stability Board (FSB) - the G20's risk oversight body, and the Bank for International Settlements (BIS) express their concerns in recent reports, calling for an 'urgent modernization' in the approach to AI. The BIS emphasizes the need for supervisors to enhance both their ability to understand the impact of AI on the financial system and their capacity to use technology responsibly in their own operations.
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