A risk-based approach to Artificial Intelligence
Commerzbank’s White Paper on the European Artificial Intelligence Act
Jutta Sterling, Thomas Stadje
Commerzbank AG, Big Data & Advanced Analytics
02/15/2023
Artificial Intelligence (AI) and Machine Learning (ML) are vital for the future of the banking industry to overcome the various challenges of the digital age and the additional (e.g. cyber-) risks arising from it. Implementing AI and ML in the highly regulated banking industry is com?plex. Here, a risk-based approach helps balancing the benefits of this technology against the regulatory hurdles surrounding it.
With this in mind, the paper at hand aims to demystify AI and ML forwhat it really is: controllable and non-magical! Such models are still trained and operated by humans.
