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Archive » July / August 2024 » Banking and Artificial Intelligence. Developments, Risks and Regulation

Banking and Artificial Intelligence. Developments, Risks and Regulation

Luigi Donato
July / August 2024 - n. 7-8
Keywords: Banche, Intelligenza artificiale, regole
Jel codes: G21, G28, O33, K24

A new industrial revolution is underway with Artificial Intelligence. There is no lack of resistance to change and concern. In any case, Generative Ai can be included in the legal system as long as it is transparent and that responsibility remains with a human being. For the banking sector, the push toward Ai is strong at all stages of operations; therefore, it is necessary to comply with European and national regulations that will be introduced. In such regulations, however, there are no provisions for the financial sector. As the Ecb points out, the topic of Ai flows directly under the prudential supervisory regulations, starting with It risk and the role of controls and compliance. Corporate governance needs to be renewed. In this framework, no bank will manage without Ai.

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