In a new paper, the UK’s central bank says Artificial Intelligence (AI) could be a great boon for industries across the economy, particularly finance, but it comes with many risks – some of which are still not fully understood.
In its paper, “Financial Stability in Focus: Artificial intelligence in the financial system,” the bank sets out the Financial Policy Committee’s (FPC) view on specific topics related to financial stability.
It says that “Operational risks in relation to AI service providers” exist and are “bringing potential impacts on the operational delivery of vital services”.
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