Artificial intelligence plays an important role in the digitalization of many banks, but it could turn into a regulatory minefield in the coming years.
Preparations are underway in the European Union for regulations on the use of artificial intelligence (AI). While the process is still in limbo, the thrust of the planned rules provides clues as to what companies need to prepare for.
Swiss AI and the analytics consultancy «Unit8» published a white paper outlining the areas of concern arising from such regulation. Companies would do well to prepare for the new rules and already implement them as a preventive measure, it recommends, even though Switzerland is not part of the EU.
The Boston Global Forum (BGF), in collaboration with the United Nations Centennial Initiative, released a major work entitled Remaking the World – Toward an Age of Global Enlightenment. More than twenty distinguished leaders, scholars, analysts, and thinkers put forth unprecedented approaches to the challenges before us. These include President of the European Commission Ursula von der Leyen, Governor Michael Dukakis, Father of Internet Vint Cerf, Former Secretary of Defense Ash Carter, Harvard University Professors Joseph Nye and Thomas Patterson, MIT Professors Nazli Choucri and Alex ‘Sandy’ Pentland, and Vice President of European Parliament Eva Kaili. The BGF introduced core concepts shaping pathbreaking international initiatives, notably, the Social Contract for the AI Age, an AI International Accord, the Global Alliance for Digital Governance, the AI World Society (AIWS) Ecosystem, and AIWS City.
