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Yellen To Warn of 'Significant Risks' From Use of AI in Finance
U.S. Treasury Secretary Janet Yellen will warn that the use of AI in finance could lower transaction costs, but carries "significant risks," according to excerpts from a speech to be delivered on Thursday. From a report: In the remarks to a Financial Stability Oversight Council and Brookings Institu...
U.S. Treasury Secretary Janet Yellen will warn that the use of AI in finance could lower transaction costs, but carries "significant risks," according to excerpts from a speech to be delivered on Thursday. "Specific vulnerabilities may arise from the complexity and opacity of AI models, inadequate risk management frameworks to account for AI risks and interconnections that emerge as many market participants rely on the same data and models," Yellen says in the excerpts. "And insufficient or faulty data could also perpetuate or introduce new biases in financial decision-making," according to Yellen.
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