The Financial Stability Board (FSB), which coordinates financial regulators for the G20, finalised 12 sound practices for the responsible use of AI by banks, insurers and other financial firms on 15 October.
They cover organisation-wide AI governance and risk across the life of an AI system, including explainability, human oversight, cyber risk, reliance on outside providers and data. They are a toolkit, not binding rules.
Forbes reported that the FSB suggests giving each AI agent a unique identifier so its actions can be traced.
Why it matters: this is the first global benchmark for AI governance in finance, and national supervisors are likely to draw on it.
Source: Financial Stability Board. Also reported by Forbes.