Bank of England Governor calls for strengthening regulation with AI, reiterates financial industry risk warnings

ChainCatcher news, Bank of England Governor Bailey stated on Monday that he and other institutions responsible for regulating the financial services industry should utilize artificial intelligence to help identify issues within the companies they oversee. He pointed out that the central bank and other regulatory bodies collect a vast amount of data, but "I don't think anyone can confidently say we are making optimal use of this data... This also poses a risk for regulators: you have the evidence but fail to use it, only to discover later that your system already contained 'key clues'."

Bailey reiterated that he believes calls to reduce financial regulation should not result in the financial services industry returning to high-risk behaviors that could endanger the broader economy.