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The Financial Stability Board (FSB) made the recommendations in a new report that lays out best practices for financial institutions adopting AI, which Canada’s Office of the Superintendent of Financial Institutions (OSFI) endorsed. (The Logic)
Talking point: As I’ve previously reported in The Logic Professional’s Finance Briefing, AI agents are posing unprecedented challenges to financial regulators, whose rules are built on the assumption that there’s human intent behind theft, fraud and catastrophic screw-ups that bring down critical infrastructure. The FSB’s guidelines for managing the risks AI agents pose are significantly more detailed than those OSFI has released to date. The FSB recommends banks authenticate AI agents and limit their access to systems, test tools that can pause or revoke that access and monitor them for collusion to act against human instructions. OSFI is considering developing its own AI “safety code” for financial institutions.
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