Is the current regulatory framework fit for AI?
Artificial Intelligence is already a part of most peoples’ everyday life, but as it develops more rapidly, policy-makers and industry are looking at whether and how to regulate AI while not stifling innovation. AI can greatly
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enhance human capabilities and eliminate repetitive work but increased AI capabilities will have a major impact on society. Where does the industry see opportunities for the application of AI, from risk management, service improvement to new product development? What are the potential concerns regulators and supervisors may have? As AI can be self-learning, how to supervisors ensure the relevant algorithms still act within the acceptable regulatory parameters? What means will supervisors have to ensure compliance? What conclusions has the European Commission’s High Level Expert Group on AI so far drawn as to whether the existing legislative framework is fit for purpose in an AI era?
Innovate Head of Department, Financial Conduct Authority
Chief Executive, Patomak Global Partners LLC and former SEC Commissioner - Co-Chair, Token Alliance
Member of the European Parliament
Managing Director, Co-head of Product Management for MarkitSERV, IHS Markit
Chair of the Executive Board, European Payment Institutions Federation