« Let me begin by thanking the Banco de Portugal and its Governor, Álvaro Santos Pereira, for their invitation to this event, which I am delighted to attend.
Artificial Intelligence (AI) is increasingly transforming the financial sector. A recent survey conducted by the ACPR shows, for example, that nearly all banks and insurance companies in France now operate AI systems. The stated objectives are to enhance operational efficiency, improve customer service, and help better manage risks.
However, the growing adoption of AI in the financial sector also carries risks. First, for financial stability – consider the dependency of financial institutions on major AI model providers, which are also key cloud service providers. Second, for the solvency of individual institutions, since a poorly managed use of complex systems can lead to systemic losses. And finally, quite obviously, for consumers.
These risks contribute to explaining our regulatory framework for AI use in Europe, to ensure it is developed in a controlled manner. This framework includes, of course, the European AI Act, but also – and this must be kept in mind – the sectoral regulation, which applies to AI as it does to any other technology used by financial players.
In this context, we, financial supervisors, face today the complex question of the “right” way to oversee AI: how to apply the AI Act and sectoral rules to this rapidly evolving technology? Which systems should be examined? How, and to what extent? »
