Artificial intelligence is accelerating at such a rapid pace that financial services players have no choice but to adopt it broadly and improve governance along the way, the prudential regulator says, as it backs a new industry blueprint to improve the management of emerging risks.
“It is easy for a regulator to say, ‘Just slow down and stop [and] get these things in place before you start operating’,” the Australian Prudential Regulation Authority’s top banking regulator Therese McCarthy Hockey said. “Actually, you just don’t have that luxury.”
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