In a recent speech at The Alan Turing Institute, Jessica Rusu — the UK Financial Conduct Authority's (FCA) Chief Data, Information, and Intelligence Officer — emphasized the importance of collaboration, diversity, and innovation in developing a strong foundation for artificial intelligence (AI).
In order to regulate AI effectively in financial services, collaboration and engagement with those affected by the rules and standards is essential. According to a recent survey by the FCA and Bank of England, firms recognize the potential benefits of AI, such as improved data and analytic capabilities, operational efficiency, and better fraud and money laundering detection.
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