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European Financial Services Round Table

Tuesday, March 31, 2020
EFR Paper on framing AI to foster its use in financial services

Foster AI use in financial services

The right framework should protect European values and encourage AI innovation. On the basis of a principle-based approach it should focus on providing guidance regarding safety, explainability, fairness and accountability of AI systems. Access to data should be facilitated and barriers to the use and development of AI removed. Supervisors must understand all the technology's potential to provide guidance regarding the application of AI principles.