Bank of England mulls inclusion of AI factor in financial stress tests

The Bank of England is considering incorporating the use of artificial intelligence (AI) tools by financial institutions into its annual stress tests, which assess the resilience of the sector.

Report informs citing foreign media that, according to a recent survey conducted by the Bank of England, approximately 75% of financial companies are currently using AI in their operations, with more than half of these cases involving the automation of decision-making processes.

Deputy Governor Sarah Breeden warned, "The use of AI tools and their power is growing rapidly, and we must not become complacent."