The National Financial Regulatory Administration announced the release of new guidelines on the safe development and application of AI in the banking and insurance sectors on Thursday.
The guidelines call for stronger risk-based and tiered management of the development and application of artificial intelligence at banking and insurance institutions to effectively address the challenges posed by AI development, while better serving the real economy and meeting the needs of the public.
An NFRA official said the guidelines aim to regulate the development and use of AI by banking and insurance institutions, effectively prevent and control risks arising from AI applications, promote the high-quality development of digital finance, advance the orderly integration of AI innovation with financial services, and guide the healthy and orderly development of AI applications in the financial sector in a manner that is beneficial, safe, and fair.
The guidelines require financial institutions that develop and deploy AI technologies to strengthen top-level planning and overall governance by establishing a comprehensive AI lifecycle management framework and enhancing oversight of application scenarios and business processes.
