AI Guidance around the World
Posted: 29 Jun 2020
Date Written: June 5, 2020
Abstract
This study quantitatively analyzes 22 AI guidance documents for the banking and finance industry in various jurisdictions and provides several insights. First, as a jurisdiction tends to publish multiple documents to cover different aspects of AI and documents might be produced in sequence to accomodate the evolving status of AI adoption, one would gain better perspective by considering documents circulated by a jurisdiction altogether. Second, the jurisdiction-level guidance resembles each other very closely and becomes more so over time. The notable core concepts in the current AI wave include machine learning, data, and risk management. Third, the industry seems to have swiftly moved from exploration to adoption. Moreover, the guidance has already been on risk management solutions rather than simply be aware of risk. Our findings draw an overall picture of the global AI guidance landscape for policy makers and practitioners to better grasp its implications for policy formulation, supervision and compliance.
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