Our lawyers sum up what the Ghosts in the Machine report findings tell us should happen in the next five years to ensure the benefits of artificial intelligence come to fruition without posing systemic risk.
Are regulators looking in the wrong place by still focusing on conduct risk – fighting the last war, so to speak? If so, what is the answer to managing these new risks where human intent may not be responsible for compliance breaches leading to losses? Our lawyers share their insights.
Read more about artificial intelligence in the financial service sector in our Ghosts in the Machine report.
It seems likely business won’t get legal certainty for some time. In this video, Baker McKenzie partners share insights on what options are available to financial institutions and how FIs have dealt with similar situations of legal uncertainty in the past.
Read more about artificial intelligence in the financial services industry in our Ghosts in the Machine report.
There is a clear call for more regulation of AI from the respondents to the survey Ghosts in the machine and it is consistent across all regions globally and functions from board level to CTOs and bankers. This short video shares insights on why this is and where new regulation or legislation should focus.
Existing regulatory frameworks were not designed with AI / Machine Learning in mind and the coverage is not ideal.
44 % of survey respondents felt that their businesses did not fully understand the legal risks associated with AI.