Picture this: every bank using the same AI model and hardware—it’s like everyone doing the same TikTok dance 🤖💃. But what if something goes wrong?
Today, global financial regulators are rolling out new plans to keep their eyes glued 👀 to the fast-growing use of AI in banking and finance. They’re worried about too much 'herd behavior' and the risks it brings.
That’s the main takeaway from a new report by the Financial Stability Board (FSB)—the G20’s risk watchdog. According to the FSB:
- Relying on just a handful of AI models can create big vulnerabilities if they all fail at once 🔄.
- If most banks pick the same tech, we lose diversity and alternatives might vanish 🚫⚙️.
Meanwhile, the Bank for International Settlements (BIS), the 'central bank of central banks,' published a study calling for an 'urgent need' to step up AI smarts. They say regulators and central banks should:
- Boost their tech know-how to spot trends and risks early 🕵️♀️.
- Use AI themselves to get ahead of the curve—don’t just watch from the sidelines 🤖📊.
In short, the global finance world is getting serious about AI supervision. With regulators ready to 'raise their game,' we can expect more guidelines, stress tests, and maybe new rules to keep our money safe in the AI era. Stay tuned! 🌐✨
Reference(s):
cgtn.com
