BoE looks to gain better understanding of AI

Artificial intelligence

The Bank of England is looking to gain a better understanding of artificial intelligence by launching a public-private forum to share knowledge.

Deputy governor Dave Ramsden said there were “risks and challenges” at every level when it came to AI – in the data, models, firms and financial system as a whole. He noted biases might be embedded in the data and models could be difficult to understand, requiring good governance by risk managers. At the systemic level, AI could amplify network effects

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