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