The Dubai Financial Services Authority (DFSA) announced on the issuance of a new report on artificial intelligence. It contains recommendations for ensuring effective risk management related to the use and implementation of AI technologies in financial services.
According to the report, the financial services sector is in a stage of exponential growth in the use of AI, requiring market participants to develop and implement corresponding security and risk control strategies. It also includes an overview of existing regulatory frameworks in the area of financial innovative intelligence.
"The introduction of new technologies, including blockchain and AI, positively impacts the financial sector, but it can also pose a number of risks," noted the DFSA director. "Our report will help organizations better understand these risks and develop appropriate management mechanisms for them."
