Banks told to anticipate risks from using AI, machine learning

FILE PHOTO: Bank of Spain Governor Pablo Hernandez de Cos attends a news conference in Nicosia, Cyprus February 6, 2024. REUTERS/Yiannis Kourtoglou/File PhotoLONDON : Banks must anticipate risks from using artificial intelligence and machine learning in their operations as part of their day-to-day governance, a top global banking regulator said on Wednesday.

"My main message is that the use of AI in banking raises important prudential and financial stability challenges," de Cos said in a speech in Washington.Digital innovation will further fuel cross-border and cross-sectoral financial interconnections, requiring collaboration among central banks and regulators to achieve an appropriate regulatory baseline to oversee the use of AI and ML, de Cos said.

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