2023-12-15 16:46:04
Friday, December 15, 2023 06:46 pm
Tam Shams – Friday, December 15, 2023 06:46 PM – A panel of regulators has warned that the rapid adoption of artificial intelligence might present new risks to the US financial system if the technology is not adequately supervised.
The Financial Stability Oversight Council (FSOC), made up of top financial regulators and chaired by US Treasury Secretary Janet Yellen, noted the risks posed by artificial intelligence for the first time in its annual financial stability report published on December 14.
The Council recognized the potential of AI to drive innovation and efficiency in financial institutions, but stressed the need for companies and regulators to remain vigilant due to rapid technological advances.
The organization also confirmed in its annual report that artificial intelligence entails specific risks, such as cybersecurity and typical risks. So I suggested that companies and regulatory bodies enhance their knowledge and capacity to monitor AI innovation and use and identify emerging risks.
According to the report, the specific AI tools are very technical and complex, which presents challenges for organizations to explain or monitor them effectively. The report warns that companies and regulatory bodies may ignore biased or inaccurate results without a comprehensive understanding.
The report also highlighted that AI tools increasingly rely on vast external data sets and third-party vendors, raising privacy and cybersecurity concerns.
Besides, some regulators, including the US Securities and Exchange Commission (SEC) — whose chairman is the Chairman of the Financial Stability Oversight Board — have examined companies’ use of AI, while the White House issued an executive order to address and mitigate AI risks.
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For his part, Pope Francis, in a written letter dated December 8, expressed his concerns regarding the potential threats of artificial intelligence to humanity. He calls for an international treaty to ethically regulate the development of artificial intelligence, warning of the danger of “technological dictatorship” without proper controls.
While technology figures, such as Elon Musk and Steve Wozniak, have expressed concerns regarding the rapid progress of artificial intelligence. In addition, more than 2,600 technology leaders and researchers, including Musk and Wozniak, signed a petition in March 2023, urging a “pause” in the development of artificial intelligence. They also stressed the “potentially profound risks to society and humanity” posed by AI developments beyond GPT-4.
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Translated by Albayan Gherra
Translation of the statement
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