Regulators need to adopt AI for monitoring, experts say

Growing bank usage of artificial intelligence means authorities must hasten adoption themselves

Artificial intelligence

The growing use of artificial intelligence in financial firms will eventually lead regulators to adopt the technology to monitor and manage firms’ automated models, an operational risk executive at a large European bank has said.

“In five to 10 years regulators will increasingly deploy AI to manage the risks that we are talking about today,” said Giles Spungin, global head of operational risk and regulatory compliance analytics at HSBC.

Some supervisors have begun this process already, Spungin

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