The Bank of England and The Financial Conduct Authority provide the final report from the Artificial Intelligence Public-Private Forum. This forum was designed to generate dialogue on AI innovation between the public and private sectors in finance. It was designed to:-  

• Share information 

• Understand the barriers, risks and challenges of AI in finance  

• Gather views on where principles, and guidance would be useful  

• Consider the usefulness and means of ongoing industry input 

Link: https://www.bankofengland.co.uk/research/fintech/ai-public-private-forum 

Contents of the report include:-  

Introduction 

• Definition and characteristics of artificial intelligence  

• Artificial intelligence in financial services  

• Benefits for consumers, firms and the financial system 

• Barriers to adoption, challenges and risks 

• Domestic and international context  

Data 

• Key findings – Data  

• Data quality  

• Data strategy and economics  

• Alternative, unstructured, and synthetic data  

• Data governance and privacy  

• Data standards and regulation  

• Suggestions for good practice – Data  

Model risk 

• Key findings – model risk  

• Model risk, governance, and lifecycle  

• Complexity  

• Explainability  

• Change management, validation, monitoring and reporting  

• Backup and remediation 

• Suggestions for good practice – Modal risk  

Governance 

• Key findings – Governance  

• Governance frameworks and structures  

• Accountability and responsibility  

• Transparency and communication  

• Culture and skills base  

• Bias, fairness and ethics  

• Algorithm auditing and certification 

• Suggestions for good practice – Governance  

Conclusion 

Annexes 

• Use cases  

• Principles