Emerging Policy Approaches to AI Data Use in Financial Services

This technical report discusses emerging policy and supervisory approaches to the use of artificial intelligence (AI) data in the financial services sector. It outlines the critical role of data in AI systems, emphasizing the challenges associated with data management, including issues of data privacy, quality, and security. The report highlights that as AI becomes increasingly integrated into financial activities, effective data governance is essential to maintain trust in the financial system. It details how financial authorities are responding to AI-related data risks through a combination of established guidance and regulatory frameworks. The report also addresses the complexities of applying data protection principles to AI, noting that existing frameworks may not fully account for the unique challenges posed by generative AI technologies. Furthermore, it discusses the importance of accountability in data governance and the need for robust security measures to protect sensitive data. Overall, the report presents a comprehensive view of the current landscape of AI data use in financial services.