The robot of the year award - KPMG Luxembourg
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The robot of the year award

The robot of the year award

Robot of the Year Award

CSSF and European Commission publish AI-related paper

With two recent publications, regulatory bodies at both Luxembourg and EU level provided the community of AI developers and users with ample material to digest — and act upon.

The CSSF recently published its AI-specific white paper on the “Opportunities, Risks and Recommendations for the Financial Sector”. Simultaneously, the European Commission’s High-Level Expert Group on Artificial Intelligence (AI HLEG) published its draft “Ethics Guidelines for Trustworthy AI”. Later this year, it will publish a more binding AI-related “Policy & Investment Recommendations” which will address the extent to which existing regulation may need to be revised, adapted or introduced.

Both publications take on slightly different directions, with the CSSF paper focusing on AI use cases as well as inherent risks and opportunities, and the European Commission guidelines centering around the trustworthiness of AI systems.

What are some of the common themes running through these publications?
 
  1. Data Privacy — How GDPR affects the scope of your AI strategy
  2. Accessibility — How to open AI up to the entire society
  3. Auditability — How to design for transparency
  4. Governance — How to integrate human oversight
 
Some of these themes might not be all that obvious for organizations, even if they are already engaging in one or more of the common AI use cases that the CSSF has specifically pinpointed in the financial sector — for instance, intelligent process automation, chatbots, robo-advisors, fraud detection and credit scoring.
 
For those who envisage factoring AI into their business models, the above papers are an invitation to join the discussion, investigate the adaptability of current business models and governance structures to AI, and shape the corresponding supervisory agenda.
 
Suffice to say that, incorporating today’s challenges into our strategic agendas promises to pay off as AI systems become increasingly sophisticated and guidelines turn into more concrete legislation.

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