The consultation highlights governance, model controls and third-party oversight as core areas for financial institutions.
The Financial Stability Board (FSB), a Basel-based international body that oversees global financial system, has launched a consultation on a set of 12 sound practices designed to guide financial institutions in the responsible adoption of artificial intelligence (AI). FSB said the practices cover core areas The practices focus on AI-specific risks and are intended to complement the existing industry and supervisory frameworks. The FSB said the practices cover core areas including org