Artificial Intelligence for Senior Managers in Financial Services - In 30 Minutes

Introduction

Artificial Intelligence is an increasingly important technology for financial services.

Whilst the technology can bring a range of benefits to firms, consumers, and the wider financial system, at the same time, the speed, scale, and complexity of AI systems can amplify existing risks and pose new challenges.

Senior managers of financial services firms in the UK and EU need to be aware of the developing regulatory frameworks for the use of AI and the supervisory authorities’ expectations regarding governance, accountability and risk mitigation.

In the UK, the financial services regulators’ policy efforts have centred on interpreting how the existing regulatory framework relates to AI, including those implementing the senior managers and certification regime.

By contrast, the European Commission has published comprehensive proposals for an ‘AI Act’ which would regulate the development, deployment, and use of AI systems across the EU.

Yet several uses of AI in the EU financial services sector are likely to be developed and used in accordance with existing legislation (without significant additional obligations arising from the AI Act).

Therefore, EU regulators will also need to assess the extent to which existing rules are sufficient and where additional guidance may be needed for specific use cases, taking into account accountability among other considerations.

This short webinar will explore and unpack these key developments, highlighting the key takeaways for senior managers of financial services firms and their advisers.

What You Will Learn

This short webinar will cover the following:

• How do we define AI?
• Key associated concepts
• Emerging use cases, benefits and risks
• Emerging regulations
• UK:
• UK Government AI White Paper and regulators’ responses
• AI Public-Private Forum
• Joint Bank of England/PRA/FCA Discussion Paper and Feedback Statement
• Regulators’ expectations in relation to:
• Governance
• SM&CR
• Human-in-the loop
• Explainability
• EU:
• EU AI Act
• Emerging regulatory guidance from the European Supervisory Authorities including European Securities and Markets Authority guidance to firms using artificial intelligence in the provision of retail investment services
• European Commission: Targeted consultation: Artificial intelligence in the financial sector

This pre-recorded webinar will be available to view from Friday 29th November 2024

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