House FSC issues report on ‘benefits, risks, and consequences’ of artificial intelligence
In this article:
- Leadership Role: The committee sees itself as a future leader on GenAI issues, especially those related to financial stability, bias, and explainability.
- Focus: Focuses on housing and financial markets issues related to GenAI applications by government agencies and market participants overseen by those agencies.
- Hesitation and Adoption:
- Many firms have been hesitant to fully deploy GenAI.
- However, there is an increasing trend of firms planning to leverage GenAI in public-facing products and services, expanding beyond current back-office applications.
