IA: USA sees risks for financial market – 12/15/2023 – Tech
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United States authorities identified for the first time the use of artificial intelligence (AI) as a vulnerability in the financial system, according to a report published this Thursday (14).
It is necessary to monitor “the rapid evolution of AI, including generative AI, to ensure that supervisory structures follow or anticipate emerging risks in the financial system”, says the annual report of the Financial Stability Oversight Council (FSOC, its acronym in English).
Generative AI programs can quickly produce text, images and audio from simple commands.
“As financial institutions continue to evaluate and adopt innovative technologies, the adoption of AI can accelerate,” said US Treasury Secretary Janet Yellen, who chairs the council.
She added that “supporting responsible innovation in this context can allow the financial system to reap benefits such as greater efficiency, but there are also principles and standards for risk management that must be applied.”
The FSOC was created in the wake of the 2008 global financial crisis and, among its members, are the presidents of the Fed (Federal Reserve, the US Central Bank) and also the Securities Market Commission.
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