The Bank of England and Financial Conduct Authority’s Artificial Intelligence Public-Private Forum (AIPPF), which was set up in October 2020 to share information and understand the practical challenges of using AI within financial services, has published its final report.
The report focuses on three areas of potential risk in AI systems – data, model risk, and governance – and explores barriers to adoption, challenges and risks in each of the areas. It also considers how to address these barriers and challenges, and mitigate potential risks, and provides examples of best practice. Ultimately, it aims to advance collective understanding and promote further discussion among academics, practitioners and regulators to support safe adoption of AI in financial services.
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