The Bank of England and the Financial Conduct Authority have released a report on Artificial intelligence, surveying participants in the UK financial services sector (report 2024-11-21 - 29 pages). The report highlights respondent’s views on the benefits and risks of AI, use cases including “data and analytical insights, anti-money laundering (AML) and combating fraud, and cybersecurity.”
From the report:
Of the top five perceived current risks, four are related to data: data privacy and protection, data quality, data security, and data bias and representativeness. […]. The risks that are expected to increase the most over the next three years are third-party dependencies, model complexity, and embedded or ‘hidden’ models…[…] …Cybersecurity is rated as the highest perceived systemic risk both currently and in three years. The largest increase in systemic risk over that period is expected to be from critical third-party dependencies. Survey report