As artificial intelligence (AI) continues its expansion into the finance sector, a new report published on the International Monetary Fund (IMF) Publications web portal cautions about risks associated with the latest AI capabilities in the financial world.
The Rise of Thinking Machines: Report Warns of Risks From Generative AI in Finance
The report, authored by Ghiath Shabsigh and El Bachir Boukherouaa, focuses on generative artificial intelligence, often referred to as generative AI, which is a form of AI capable of creating original content such as text, images, and video. Notable systems like Openai’s Chatgpt, Anthropic’s Claude, and Midjourney have gained popularity for harnessing this technology in recent months.
According to the study, while generative AI holds promise for applications like automating processes and enhancing risk management, it also introduces new risks related to data privacy, bias, performance robustness, and cybersecurity.
Researchers point out that genera
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