On 16 March 2022, the Basel Committee on Banking Supervision issued a newsletter on artificial intelligence (AI) and machine learning (ML).
Among other things the Basel Committee mentions that it is working to develop further insights into AI and ML and its discussions are focusing on the following areas:
- The extent and degree to which the outcomes of models can be understood and explained.
- AI/ML model governance structures, including responsibilities and accountability for AI/ML-driven decisions.
- The potential implications of broader usage of AI/ML models for the resilience of individual banks and more broadly, for financial stability.