Artificial intelligence (AI) technologies are increasingly being used in a variety of fields, none more so than the financial industry. AI offers great opportunities; it can enable companies to automate manual processes and meet their regulatory requirements at a higher speed with a lower error rate and less effort.
While AI promises to bring greater efficiency to the provision of financial services, it is important to manage the risks. Three principles that come up in this context are responsibility, explainability and transparency. The obligation to comply with rules and responsibilities remains with the management of the company. Therefore, the management board may not just shift responsibility to machines and algorithms. Ultimate responsibility for AI generated outcomes must remain with people.
