Bank of England Concerned About Stability Risks from AI Applications in Finance
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Translated data:
According to a report on October 12 by Chinaz.com, the Bank of England warned in a staff blog that the application of artificial intelligence in the financial sector poses stability risks, which could exacerbate financial stability risks and undermine trust in banks. The Bank of England is concerned that algorithms could lead to discriminatory decisions and replicate historical biases. If multiple companies use opaque AI models, the impact on market stability would be difficult to predict. The Bank of England suggests that central banks should consider limiting the risks associated with financial companies' use of AI. This indicates that the concerns of central banks and regulatory agencies about the rapid development of artificial intelligence are increasing. The Bank of England's views were presented before the global AI summit hosted by the UK in November, adding to the focus on AI safety issues.
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