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Finance

AI in Business and Finance

 

Artificial Intelligence (AI) has progressed rapidly in recent years and is being applied in settings ranging from health care, to scientific research, to financial markets. It offers opportunities, amongst others, to reinforce financial stability, enhance market efficiency and support the implementation of public policy goals. These potential benefits need to be accompanied by appropriate governance frameworks and best practices to mitigate risks that may accompany the deployment of AI systems in both the public and private spheres.

The OECD is currently examining the application of AI in the financial sector and the options for shaping an inclusive, safe and innovation-friendly environment for AI adoption in this sector. Three complementary frameworks can help to structure this policy debate: the OECD AI Principles; the AI system lifecycle; and, the OECD framework for the classification of AI systems.

In parallel, the OECD is examining several areas in greater depth:

  • AI in the finance sector

  • Human rights due diligence through responsible AI

  • Competition and AI

  • Managing access to AI advances to safeguard essential security interests

  • SupTech tools that can ensure regulatory oversight and supervision

This work will be published in the 2021 edition of the OECD Business and Finance Outlook and will offer guidelines and a number of policy solutions to help policy makers achieve the delicate balance between harvesting the opportunities offered by AI and mitigating its risks. This publication will be released in the fourth quarter of 2021.

 

Related reading

OECD AI Principles

OECD framework for the classification of AI systems

OECD.AI Policy Observatory

More OECD work on AI

 

FORTHCOMING 21 SEPTEMBER 2021

 

     

 

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