Chief Risk & AI Officer. Enabling operational risk management professionals to monitor and manage emerging operational risks (including AI risks), best practices, and loss events.
?? Did you know that currently there is no globally accepted definition of "AI" for financial regulatory purposes? I was surprised to find this in the recent insight paper from Financial Stability Institute (https://lnkd.in/eiGn3RgJ). The paper highlights that there is growing alignment towards the OECD definition of AI. Which AI definition are you using in your organisation? Please comment ??. Simon Wilkins, Michael Rasmussen, Martin Davies, Elena Pykhova, Samantha Ng, Syed H Hussain, Michael Erlandsson Jensen, Dr Jimi M.V. Hinchliffe, Michael Grimwade, Roland Kennett, Mike Finlay, Alex Sidorenko, Rohit Dhawan PhD, Nicole DeAvilla, C-IAYT, Vykintas Glodenis #riskspotlight #operationalrisk #operationalriskmanagement #ai
This never came up as something important that needs to be defined, pretty ok just doing it
Manoj - the iconic physicist, Richard Feynman, observed that it’s more important to understand a thing, than to know its name. Have a good break over the festive season & all the best for the new year - Michael
Since AI has actually been around for decades and people are using and have been using it without naming it -- I always use the example of how long we have all been using spellcheck (for better or worse ??) - giving it a definition now for regulatory and legislative issues and uses, can be tricky. I think the best tack to take is to not try to define all AI. Rather define the current and perceived AI technology and uses that are in need of regulation, guardrails, transparency or other issues, that affects the industries, stakeholders, communities and so forth. So for financial regulatory purposes, we need presently grounded, future thinking people like you, Manoj, to help shape the definitions that are primarily needed to help uphold safety, transparency, stability, security, and access. What do you think Manoj, are there other areas of concern that might require a different way to look at defining AI for the financial sector?
This is surprising but given the pace of change in AI the regulation is struggling to keep up.
Great advice
Structured Solutions Architect at Causal Capital
2 个月For a technology that is still evolving, a lack of definition would be expected. AI has such a broad scope, a massive set of applications, a huge range of technologies that encompass simple rule based logic that has been in use for decades, to widely transformative deep learning / neural networks. The big thing for me is the divergent perspectives: When I speak with researchers, policymakers, analysts, academics and users, there’s enough disparity in what they believe AI is and is not, that common boundaries haven’t formed yet — this feeds the definition gap. Does it matter? It’s hard to construct policy, regulations and laws to protect society from abuse if something can’t be defined.