Bank of England Establishes Artificial Intelligence Consortium

The Bank of England has announced the establishment of an Artificial Intelligence consortium. Its purpose is to provide a platform for public-private engagement to gather input from stakeholders on the capabilities, development, deployment and use of AI in U.K. financial services. Its specific aims are:

• to identify how AI is or could be used in financial services, for example, by considering new capabilities, deployments and use cases as well as technical developments where relevant;
• to discuss the benefits, risks and challenges arising from the use of AI. Such benefits, risks and challenges may be with respect to financial services firms or with respect to the wider financial system; and
• to inform the BoE's approach to addressing risks and challenges, and promoting the safe adoption of AI. Membership of the consortium is at the BoE's invitation following a selection process.

A consortium membership call for interest explains that applications to join the consortium can be submitted until November 8, 2024.

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