Today, companies are actively introducing artificial intelligence (AI) into their business processes. This leads to the transformation of both individual operations and the entire market. How AI can be useful in the field of finance, what are the risks of its application, how AI is regulated in world practice and what approach can be used for the Russian financial market — these and other issues are raised by the Bank of Russia in the advisory report.
Generative AI is becoming increasingly widespread, the authors believe. It is capable of creating new content at the user’s request — text, image, audio and video. This technology can reduce costs, speed up data processing, be used in assessing the solvency of clients, investment consulting, fraud prevention and other areas. But companies need to take into account the risks that may arise when using AI. Among them, there are risks of a technological and economic nature, as well as in the field of ethics and information security.
It is important, the authors note, to create conditions for the development of AI in the financial market, taking into account the risk-oriented principle of its regulation. At the same time, the Bank of Russia adheres to a technologically neutral approach to regulation, which allows market participants to innovate and develop AI.
According to the Bank of Russia, at the moment there is no need for the rapid development of special rules for the use of AI systems by financial organizations. The Bank of Russia is ready to participate in monitoring specific projects in this area, analyzing AI-related risks, and supports the exchange of best practices between companies.
A source: https://cbr.ru/press/event/?id=17177
