On Thursday, 5 September 2024, the Organisation for Economic Cooperation and Development (OECD) published a detailed report examining the different policy approaches to Artificial Intelligence (AI) in finance within 49 OECD and non-OECD jurisdictions.
The report reveals the current and potential applications of AI in finance, highlighting associated risks and evaluating the policy frameworks governing its use in various forms. While most survey respondents claim to have adequate regulation in place, the report acknowledges there may be some gaps and the value of more general guidance. The report concludes by noting that technological advancements do not render existing safety standards and compliance requirements inapplicable. Furthermore, the report stresses that many of the risks associated with AI are not necessarily new or unique to AI innovation but are exacerbated and amplified by its use.
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