GenAI could amplify cyber risks – Banque de France official
Mass use of AI could amplify “herd behaviour” in financial markets, Denis Beau warns
Artificial intelligence (AI) can improve the efficiency of financial institutions if properly harnessed but also holds risks, the Banque de France’s first deputy governor Denis Beau said.
Speaking in a seminar on financial regulation, Beau called for an effective regulatory framework in order to take full advantage of AI.
He said potential risks from AI could be at the micro-prudential as well as the macro-prudential levels. A poorly calibrated pricing model, he said, can lead to systematic losses
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