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Bank of England Governor Urges Stronger AI Testing Before Regulation
(MENAFN) Bank of England Governor Andrew Bailey has urged developers and authorities to strengthen the testing of artificial intelligence systems, saying potential weaknesses and necessary safeguards should be identified before regulatory measures are introduced.
In his first published article on an online platform, Bailey described the dangers associated with AI as “real and increasingly significant,” while emphasizing that progress in the technology should continue rather than be stopped or banned.
“On the contrary, the benefits are immense,” Bailey said, adding that a framework must be established to allow intervention when necessary and define clear limits for AI systems.
He noted that the UK is already conducting substantial work to evaluate AI technologies, highlighting the role of its AI Security Institute in helping establish standards.
“But the pace of progress must accelerate,” he said, adding: “We should proceed with a degree of humility.”
Bailey acknowledged that rigorous assessments would inevitably uncover shortcomings and cases where “models will behave unexpectedly.”
In his first published article on an online platform, Bailey described the dangers associated with AI as “real and increasingly significant,” while emphasizing that progress in the technology should continue rather than be stopped or banned.
“On the contrary, the benefits are immense,” Bailey said, adding that a framework must be established to allow intervention when necessary and define clear limits for AI systems.
He noted that the UK is already conducting substantial work to evaluate AI technologies, highlighting the role of its AI Security Institute in helping establish standards.
“But the pace of progress must accelerate,” he said, adding: “We should proceed with a degree of humility.”
Bailey acknowledged that rigorous assessments would inevitably uncover shortcomings and cases where “models will behave unexpectedly.”
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