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AI's systemic risk to global financial stability necessitates policy shifts, FSB says

( November 14, 2024, 12:26 GMT | Official Statement) -- MLex Summary: Financial stability faces potentially rising systemic risk due to the increasing uptake of artificial intelligence in financial services as well as its adversarial use, warns the Financial Stability Board, the international coordinator for financial regulators. While AI has benefits, it may also “amplify certain financial sector vulnerabilities,” including third-party dependencies and service provider concentration, market correlations, cyber and disinformation concerns and model risk, according to the first FSB report on AI since 2017. Existing policy frameworks cover areas of concern, but they may need to be extended and watchdogs should increase monitoring and regulatory capabilities, including via the use of more AI.Statement follows, report attached:...

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