COVID-19 | Official online Resource and News Portal. For more information, visit www.sacoronavirus.co.za

Humans Keeping AI in Check – Emerging Regulatory Expectations in the Financial Sector

Artificial intelligence (AI) has the potential to significantly improve the delivery of financial services. Several financial authorities have recently begun developing frameworks, outlining their expectations on AI governance and use by financial institutions. These frameworks converge on common guiding principles on reliability, accountability, transparency, fairness and ethics. While the emerging AI principles are useful, there are growing calls for financial regulators to provide more concrete practical guidance given the challenges in implementing the principles. This paper by the Bank for International Settlements canvasses a selection of policy documents on AI governance issued by financial authorities or groups formed by them in nine jurisdictions and other cross-industry AI governance guidance that applies to the financial sector

Bank of International Settlements
Our mission is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.