مقاله انگلیسی رایگان در مورد برخی از مفاهیم مالی نظارتی هوش مصنوعی – الزویر ۲۰۱۸

Andrew Ng recently compared the transformative power of artificial intelligence (AI) to that of electricity saying “Just as electricity transformed almost everything 100 years ago, today I actually have a hard time thinking of an industry that I don’t think AI will transform in the next several years.”۱ Although Ng’s timescale may be a bit optimistic, those who have studied recent developments in AI generally agree that it will have a transformative effect on a wide variety of industries. Techniques developed in machine learning (ML), a subfield of AI, recently achieved considerable public attention with their success in playing the games Go (Hassabis, 2016) and Poker (Condliffe, 2017). Moreover, ML is being used in large-scale production processes such as Amazon’s voice recognition, Google’s search engines and Netflix’s movie recommendations. One industry that has attracted considerable interest and is in the early stages of being transformed is the financial services industry. Indeed, Economist (2017) recently proclaimed, “Machine-learning promises to shake up large swathes of finance.” The transformations induced by AI and especially ML are also likely to have implications for financial supervisors concerned about the conduct and/or the prudent operation of financial firms. At a minimum, supervisors will need to take account of the opportunities for enhanced compliance and safety created by AI, as well as be aware of the ways that AI could be used undermine the goals of existing regulation. However, ideally the development of AI will do more than just challenge the supervisors to keep up with industry; it will also create opportunities for supervisors to more efficiently and effectively deploy their resources to accomplish their missions. This study discusses some of the issues raised by AI for prudential supervisors with a focus on its most popular subfield, ML, and its subfield of deep learning. The first section provides a high-level overview of the current state of AI, including developments in its subfields of ML and deep learning. The second section discusses some of the ways in which AI is being applied by the financial services industry with an emphasis on applications that are relevant to supervisory concerns. This includes the use of AI to help firms comply with existing regulation—a part of a broader development often called RegTech. The third section considers the usage of AI by prudential supervisors, with an emphasis on how AI can and cannot be helpful. The fourth and fifth sections provides some speculative thoughts on how developments in AI might over the longer run change the financial services environment and broader economy.