President Joe Biden issued a new executive order on artificial intelligence on Monday, making it the first of a kind to require new safety assessments, equity and civil rights guidance, and research on AI’s impact on the labor market. The order is divided into eight sections, which include creating new safety and security standards for AI, protecting consumer privacy, and many others.
The announcement comes as financial firms and banks have started to adopt AI-based systems to not only make day-to-day activities easier for staffers, but also make better informed, safer, and profitable loan and credit decisions. However, generative AI also faces some challenges in the financial space, mainly highlighting how to assess the risks and how the risks can be minimized.
