Introduction
On 29 March 2021 various federal agencies(1) issued a request for information (RFI) from financial institutions, trade associations, consumer groups and other stakeholders on the financial industry s use of AI. The RFI seeks insight into:
the industry s use of AI in the provision of financial services to customers; and
appropriate AI governance, risk management and controls.
In recent years regulators have highlighted financial institutions and technology firms growing use of AI and machine learning. However, the RFI is the federal agencies most coordinated effort to understand AI s potential benefits and risks to date. It follows Federal Reserve Board Governor Lael Brainard s January 2021 speech, which previewed the potential for additional supervisory clarity in this area.
Brainard says pandemic showed financial systems flaws, need for reform
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Wall Street Set To Bounce Back At Open
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Fed’s Brainard Highlights Need to Understand, Manage Climate Change Risk on
Speaking at a virtual industry event today, Federal Reserve Board Governor Lael Brainard highlighted the need to understand risks related to climate change, noting that it is “vitally important to strengthen the U.S. financial system” to meet this challenge.
Among other things, Brainard discussed the usefulness of climate scenario analyses to determine potential exposures to physical risks posed by climate change as well as transition risks of moving to a low-carbon economy. She noted that that “in part because of the different nature of climate-related risks relative to financial and economic downturns and the significantly longer planning horizon, this is distinct from established regulatory stress tests at banks, which are used to assess capital adequacy over a relatively short horizon.”
Fed s Brainard lays out case for Fed s climate change focus-National Post
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