Written by Shameek Kunda, Chief Strategy Officer, TruEra
At least 70 countries have put forward guidelines, consultations and (occasionally)
regulations to enable the safe, responsible and beneficial use of AI. In theory, that can make life very difficult for financial institutions operating in multiple jurisdictions, as they try to manage compliance against a diverse set of regulatory expectations.
This article starts with a representative overview of some of the major initiatives worldwide, with a particular focus on financial services. It highlights the dimensions on which countries differ in their approach, but also argues that they have a lot in common. Most countries have converged on the spirit, if not the letter, of what they are trying to achieve in AI governance. The article concludes by providing practical suggestions on how Financial Institutions can safely and responsibly ramp up AI adoption in a scalable manner.
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