UK regulators host first AI Forum

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The Financial Services AI Public Private Forum brings the UK’s Financial Conduct Authority (FCA) and Bank of England (BoE) together with AI experts from financial services, tech, and academia, to assess whether additional guidance or regulation is needed to support the safe adoption of AI in financial services, per the FCA.

The Forum will host a series of quarterly meetings and workshops over the next year to discuss AI uses and benefits, constraints to deployment, and potential risks. The FCA and BoE opened the Forum to membership applications in October 2019, following the publication of their report on the application of AI in UK financial services.

The Forum aims to tackle AI-related risks amid rising adoption within UK financial services.

There are public policy concerns over the perceived risks of AI decision-making. AI algorithms that are trained on incomplete or extraneous data, for example, can yield judgments that are biased, causing a range of issues from inconvenient technical errors to inadvertent discrimination. There is also the “black box” issue, where the algorithms are so complex—especially as applications become more mature—that it becomes difficult to explain the AI’s decisions, making accountability and error …read more

Source:: Businessinsider – Finance


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