James Proudman of the BoE delivers speech on the rise of AI in financial firms

The Bank of England’s executive director of UK deposit takers supervision, James Proudman, has delivered a speech on the rise of artificial intelligence usage in financial firms at the Financial Conduct Authority’s conference on governance in banking. Mr Proudman noted that the ascendancy of AI and machine learning poses challenges for boards, including challenges around the proper use of data, and increased execution risks.

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