FSB consults on sound practices for responsible AI adoption
The FSB published a consultation report on sound practices for the responsible adoption of artificial intelligence by financial institutions.
The FSB's consultation sets global expectations for AI governance, risk management and oversight in financial services. Final practices will likely inform national supervisors' AI expectations across model risk, third-party reliance, data governance and operational resilience.
FSB sound practices will anchor cross-border supervisory expectations on AI risk, model governance and third-party dependencies.
Action Required
Review FSB draft sound practices, map gaps in AI governance, model risk and third-party controls, and prepare consultation response.
Global AI governance standards will shape enterprise-wide AI risk frameworks across all financial sectors.
Assess AI inventory against FSB draft practices; strengthen AI governance, model risk, data lineage and third-party controls; submit consultation feedback.
“The FSB has developed sound practices to help all types of financial institutions navigate benefits and risks responsibly as they adopt AI.”