Artificial intelligence (AI) is transforming the financial services industry, delivering efficiencies in operations, investment research, and credit assessment—while also introducing new regulatory and ethical risks.
SyCipLaw Senior Partner Rose Marie M. King-Dominguez, in a recent FINEX Folio column in BusinessWorld Online, noted that the Bangko Sentral ng Pilipinas (BSP) has been working toward issuing standards on the use of AI in the financial sector. The article briefly outlined how forthcoming BSP standards will likely focus on the need for a tiered based approach to risk, management of algorithmic bias, transparency, and enhanced human oversight for high-risk AI applications.
Read the full article here: AI and the finance sector: What will the BSP’s AI regulations look like? – BusinessWorld Online