Five principles for using AI: Bank of Russia’s recommendations
Human-centricity, fairness, transparency, security, and responsible risk management are the principles set forth in the Code of Ethics for AI in Finance. The Bank of Russia has developed and sent this Code to financial institutions. The Code is advisory in nature and aimed at enhancing people’s and businesses’ confidence in artificial intelligence (AI).
For example, clients should be informed when they interact with AI and given the opportunity to reject such interaction.
The Bank of Russia also proposes that institutions regularly check AI’s quality, comply with the requirements for personal data confidentiality, and introduce AI risk management.
‘We studied worldwide trends in AI regulation, discussed the practices used by market participants, and reached the conclusion that soft regulation for applying this technology will be the most appropriate option for the Russian market at the current stage. We hope that the objectives formulated in the Code of Ethics will help enhance the quality, security, and convenience of AI-based financial services,’ said Stanislav Korop, Acting Director of the Financial Technology Department.
In addition, according to the Bank of Russia, exchanging experience and best practices in compliance with ethical recommendations can be essential for the trusted and responsible use of AI in the financial market. The regulator is ready to provide support in this area.