Bank of England urges stricter AI testing before risks escalate
Summarised from 6 outlets · 8 reports · Updated 30 Sept, 22:43 · Archive
Andrew Bailey, governor of the Bank of England, has called for rigorous testing and safeguards for artificial intelligence to contain growing risks.
Andrew Bailey, governor of the Bank of England, has warned that authorities must get a grip on artificial intelligence before risks become harder to contain. He has called on governments to ramp up testing of frontier AI models before public launch, citing sophisticated threats to banking, markets and payments systems. Bailey said authorities must retain the right to intervene in the AI industry, warning that risks from rapid advancement of these models were 'real and increasingly significant'. The Bank's Financial Policy Committee said the risk outlook for the UK economy has worsened since July. Bailey argued that rigorous testing and safeguards, rather than regulation, were the right approach to manage AI risks.
How it is being reported
- AI boom could trigger market shocks, Bank of England boss warnsBBC News · 1 Oct, 05:03
- Bailey's fears AI could trigger next crash should not be sneezed at, says ALEX BRUMMERThis is Money · 30 Sept, 22:00
- AI hacking incidents heighten risks to financial security, Bank of England warnsEvening Standard · 30 Sept, 12:28
- AI hacking incidents heighten risks to financial security, Bank of England warnsIndependent Business · 30 Sept, 12:28
- We need ‘right to intervene’ in AI amid growing threat, says Bank of England bossThe Guardian · 30 Sept, 11:41
- Regulating AI 'not the right place to start' says BaileyBBC News · 30 Sept, 11:20
- Bailey calls for greater AI testing as risks to economy riseCity AM · 30 Sept, 10:44
- Get a grip on AI 'before risks become more difficult to contain' urges BoE's BaileyThis is Money · 30 Sept, 10:36
In this story: Andrew Bailey · Bank of England · UK
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