AI ‘explainability’ a growing problem for supervisors – paper
Better guidance may be needed on model risk management, Basel-based FSI says
Supervisors need to respond to the growing challenge of explaining the results of the artificial intelligence models used in the financial sector, a report by the Basel-based Financial Stability Institute (FSI) says.
The analysis, published on September 8, says AI is being increasingly used across the financial sector and is expected to become more prevalent over the coming years, even in “critical business areas”. This poses a challenge for supervisors, the report says, as a lack of
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