(Washington) Washington considers artificial intelligence in financial services as a source of vulnerability for the sector, and regulators indicate that they will monitor its development carefully, according to a press release from the Financial Stability Council (FSOC) published Thursday.
US financial regulators, led by the Treasury Department and the Central Bank (Fed), have “specifically identified the use of artificial intelligence (AI) in financial services as a vulnerability in the financial system”. .
The FSOC held its last meeting of the year on Thursday.
It “will play its role in monitoring the evolution of technologies to respond to emerging risks,” assured Treasury Secretary Janet Yellen, who heads the committee.
“Supporting responsible innovation in this area can enable the financial system to reap benefits such as increased efficiency, but there are also existing risk management principles and rules that should be applied,” he said. -she adds.
American President Joe Biden signed a decree at the end of October setting out rules and principles to govern the development of AI.
The text notably requires companies in the sector to transmit the results of their security tests to the federal government, when their projects pose “a serious risk to national security, national economic security, or public health”.
The FSOC clarified, in the press release published after the meeting, that “the use of AI in financial services has increased”.
“AI offers potential benefits, such as reducing costs and improving efficiency, identifying more complex relationships, and improving performance and accuracy,” but “may introduce some risks, particularly in terms of security and stability”.
Thus, the Council “recommends monitoring the rapid evolution of AI to ensure that supervisory structures take into account emerging risks for the financial system while promoting efficiency and innovation”, it is specified.
