Deloitte Touche Tohmatsu has released a report on regulatory reforms set forth on an international level to ensure that financial institutions are accountable for any risks and rewards reaped from the adoption of AI.
Executive Summary:
The adoption of artificial intelligence (AI) systems and techniques has grown considerably in the financial services sector, driven by the increase in available data and the improvement of computing capacity. AI has the potential to transform traditional business models in the sector by contributing to greater efficiency and profitability through the reduction of friction costs and improvements in productivity. On the other hand, there are concerns that AI could amplify existing risks and/or give rise to new risks. It is therefore considered that AI needs to be subject to the appropriate regulations to ensure that AI’s ‘invisible hand’ is used for the benefit of our society.
Please access the full report from the link here: https://www2.deloitte.com/jp/en/pages/financial-services/articles/ins/j…
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