FSB urges tighter oversight of AI adoption in finance
Reliance on generative AI services can give rise to third-party risk concerns, body warns
The Financial Stability Board has urged regulators and standard-setting bodies to ramp up their monitoring of artificial intelligence adoption in the financial sector.
In a report today (October 10), the FSB notes that although authorities worldwide have begun monitoring AI adoption, their efforts remain in the early stages. It adds that data gaps, caused by inconsistent definitions and reporting requirements, are complicating oversight of the technology.
It says financial institutions are
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