BIS publishes report on the use of AI for policy purposes

The Bank for International Settlements (BIS) has published a report examining how central banks, financial regulators and supervisory authorities are increasingly leveraging AI, including generative AI and large language models, for policy purposes. The report outlines the transformative impact of AI on managing large datasets and complex decision-making processes, with real-world examples illustrating how big data and machine learning are transforming key areas of work across monetary and financial stability functions. It also identifies key challenges such as data governance, investment in human capital and the need for robust IT infrastructure. To overcome challenges, collaboration is emphasised, forming a "community of practice" to share knowledge, data, best practices and AI tools emerges as a promising a way forward.

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