Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
In Russia, one in five financial market organizations is already using artificial intelligence (AI). Another third plan to implement it into their business processes within three years. These are the results of a Bank of Russia survey presented in a new report. advisory report.
The Bank of Russia continues to adhere to a risk-oriented and technology-neutral approach to AI and aims to create favorable conditions for its development. The report notes that trust in the technology and data accessibility are key factors.
Compliance monitoring Code of Ethics for the Development and Application of AI in the Financial Market, the development of methods for using its individual provisions, and the creation of a collection of best practices for the application of AI—all of this will contribute to increased trust in the technology.
To improve data accessibility, the Bank of Russia proposes exploring the creation of dedicated platforms for market participants to voluntarily exchange data and jointly develop AI models (trusted intermediaries). The report also proposes discussing the potential for using data privacy-enhancing technologies in the Russian financial market.
The discussion of the report will continue until December 30th inclusive. Comments and suggestions can be sent to ay_report@kbr.ru.
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