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The AI adventure: how artificial intelligence may shape the economy and the financial system

· Klaas Knot, Chair of the Financial Stability Board (International)

Summary written by Dark Majestic in its own words · topics: technology, ai and cyber risk

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· Klaas Knot Wiki · Financial Stability Board WikiThe AI adventure: how artificial intelligence may shape the economy and the financial system

ContextRemarks by the Chair of the Financial Stability Board; the FSB coordinates financial regulation for the G20 and studies how artificial intelligence could affect stability.

Why it mattersThe FSB chair warns that AI could concentrate risk among a few providers and encourage herding.

Problems raised
  1. AI may concentrate risk among few providers.
  2. Herding behaviour could increase.
  3. AI models are hard to explain.
Solutions proposed
  1. Monitor third-party and concentration risks.
  2. Apply existing frameworks to familiar risks.
  3. Improve understanding of AI model risk.
Read full speech on fsb.org ↗

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