Featured Product

    BoE and FCA Launch Public Private Forum on Artificial Intelligence

    October 12, 2020

    BoE and FCA established the Financial Services Artificial Intelligence Public Private Forum (AIPPF) to explore means to support safe adoption of the artificial intelligence and machine learning technologies in financial services. The forum is expected to run for one year and will hold a series of quarterly meetings and workshops structured around the topics of data, model risk management, and governance. BoE and FCA has also made available the names of the three co-chairs from BoE and PRA, along with the list of 21 forum members, belonging mostly to the prominent institutions in the private sector.

    One of the goals of the forum is to facilitate dialog between the public and private sectors to better understand the use and impact of artificial intelligence in financial services. While speaking at the launch of the forum, Dave Ramsden of BoE, who is also one of the co-chairs of the forum, pointed out that the forum will draw on the knowledge and experience of 21 leading artificial intelligence experts from across the financial and technology sectors as well as academia. The forum also has observers from the Information Commissioner’s Office and the Centre for Data Ethics and Innovation and more may be invited. The forum, which held its first meeting on October 12, 2020, seeks to:

    • Share information and understand the practical challenges of using artificial intelligence and machine learning within financial services, including the barriers to deployment and potential risks
    • Gather views on potential areas where principles, guidance, or good practice examples could be useful in supporting safe adoption of these technologies
    • Consider whether ongoing industry input could be useful and what form this could take

    The forum plans to publish summary reports of all forum and workshop discussions. It will also aim to deliver a final report of its findings and conclusions. However, the outputs of the forum should not be considered as an indication of future policy by BoE or FCA. Participation in forum is at the invitation of FCA and BoE and includes firms active in the development of artificial intelligence (and use of machine learning), alongside public authorities and academics. 


    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Artificial Intelligence, Governance, Artificial Intelligence Public Private Forum, Machine Learning, Regtech, FCA, BoE

    Related Articles
    News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699