2023-12-15 03:41:21
The FSOC held its last meeting of the year on Thursday. It “will play its role in monitoring the evolution of technologies to respond to emerging risks,” assured Treasury Secretary Janet Yellen, who heads the committee.
“Supporting responsible innovation in this area can enable the financial system to reap benefits such as increased efficiency, but there are also existing principles and rules around risk management that should be applied,” he said. -she adds.
Increased usage
US President Joe Biden signed a decree at the end of October setting out rules and principles to govern the development of AI. The text notably requires companies in the sector to transmit the results of their security tests to the federal government, when their projects pose “a serious risk in terms of national security, national economic security or public health”.
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The FSOC clarified, in the press release published following the meeting, that “the use of AI in financial services has increased”. “AI offers potential benefits, such as reducing costs and improving efficiency, identifying more complex relationships, and improving performance and accuracy,” but “may introduce some risks, including in terms of security and stability.
Thus, the council “recommends monitoring the rapid evolution of AI to ensure that supervisory structures take into account emerging risks for the financial system while promoting efficiency and innovation”, it is specified.
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