The Bank of England (BoE) is inviting financial services firms to join its artificial intelligence (AI) consortium aimed at regulating the use of this technology in the sector.
The public-private industry group will be chaired by Sarah Breeden, the deputy governor for financial stability at the central bank.
According to a statement, the group’s primary focus will be on identifying current and potential future applications of AI, assessing associated benefits and risks, and informing the BoE’s policies regarding AI usage within financial services.
The bank aims to recruit approximately 30 members for the group, selecting individuals based on their expertise in both AI and financial services.
Meetings will convene four times a year, with minutes from these sessions published on the BoE’s website. Additionally, several workshops will be organized throughout the year to delve deeper into complex issues.
The application deadline is November 8.
For those interested in exploring the challenges and opportunities that AI presents to the banking sector, register for Finextra’s inaugural NextGenAI conference, scheduled for November 26, 2024.