Tag: AI Regulation

Regulatory attitudes towards artificial intelligence in financial services appear to be softening, as banks grow more confident that supervisors will increasingly support AI-led innovation. New...

AI regulation has accelerated rapidly over the past few years, moving from broad federal policy discussions to more detailed rules emerging at state level. While...

Regulations are designed to protect markets and ensure stability. They aim to build trust, mitigate risk and bring clarity to an increasingly complex financial...

Despite significant industry buzz around artificial intelligence, Nordic companies remain hesitant to fully embrace its potential. According to a new study by Tietoevry Create, only 17% of IT decision-makers in Finland and Sweden believe AI is currently making a significant commercial impact.

Responsible AI encompasses the ethical development and application of artificial intelligence, prioritizing transparency, fairness, and legality across its operations. For the financial sector, this means deploying AI technologies that are not only efficient but also equitable and devoid of biases, ensuring that individual rights are respected throughout their lifecycle.

The term "deregulation" is increasingly prevalent among global policymakers, with a common narrative about cutting through the bureaucratic red tape that supposedly stifles competition. Since the 2008 financial crisis, financial institutions have been operating under a dense regulatory framework designed to mitigate risks and uphold financial stability.

The Financial Conduct Authority (FCA) has been actively working to promote safe and responsible AI adoption in the UK financial sector. Last year, it published its AI Update to encourage outcomes-focused AI models. To further this initiative, the FCA recently launched its AI Lab, a collaborative platform for firms, stakeholders, and regulators to discuss AI use cases, share insights, and foster innovation while ensuring compliance.

GlobalData has highlighted that adopting responsible AI practices can give businesses a significant competitive edge while also mitigating ethical and legal risks.

In a significant stride towards regulating artificial intelligence (AI), the European Parliament adopted the Artificial Intelligence Act in a bid to ensure safety and compliance.

A Japanese privacy watchdog has issued a warning to OpenAI over the collection of sensitive data without individuals' permission.