Prioritizing Agility, Precaution, and Inclusivity in AI Governance
Agility is crucial in a rapidly evolving field like AI, where policymaking structures must be as dynamic and adaptive as the technology itself. The precautionary principle, adapted to AI, should guide policymakers in guarding against potentially catastrophic downsides, even as they harness the vast benefits of AI’s potential. Inclusivity, particularly in the context of AI development, requires collaboration between regulators and private technology companies to ensure that the technology is developed ethically and responsibly.
Managing AI Risks in the Financial Sector
The financial sector is one area where AI’s impact is already being felt. AI can help ensure that banks do not misbehave by preventing fraud, money laundering, and other unethical practices. However, the expanded use of AI in finance may introduce new risks, such as the potential for AI tools to exacerbate a crisis or spark a financial crisis due to herding behavior.