The British government is weighing a plan to conduct standardised testing of the general purpose AI models used by all UK lenders after the Bank of England warned them over their evaluation practices last year. The proposal’s aim is to cut duplication and inconsistency in testing, and to ensure US algorithms are up to standard.
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UK considers testing AI models used by banks
“Lots of firms are using [AI models] and we can assume that [they] have done the necessary due diligence and, therefore, hopefully we’re happy. But we’ve not done that independent assessment".
