Treasury Secretary Janet Yellen warns of significant risks from AI in finance, urging regulators to address them.
Treasury Secretary Janet Yellen warns that AI in finance carries significant risks, including vulnerabilities from the complexity and opacity of AI models, inadequate risk management frameworks, and concentration among vendors developing AI models. The use of AI in finance could pose potential rewards, but Yellen emphasizes the need for financial regulators to address these risks, as they have become a top priority on their agendas.
June 05, 2024
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