Former Chairman of the China Securities Regulatory Commission Xiao Gang: Strengthen the governance of financial AI algorithms and models

ChainCatcher news, according to Jinshi reports, former chairman of the China Securities Regulatory Commission, Xiao Gang, stated on December 22 at the "AI + Finance" summit of the National Wealth Development Research Cooperation Platform that artificial intelligence is a "double-edged sword." On one hand, it leads a new round of technological and industrial revolutions, profoundly changing social production and life, as well as fundamentally altering the landscape and models of the financial industry. On the other hand, it also brings various risks and challenges.

From the perspective of intelligent finance, Xiao Gang believes that artificial intelligence greatly enhances the ability of financial institutions to identify, warn, and control risks, but it does not disperse or eliminate financial risks. Therefore, the essence of intelligent finance is still finance, and it must adhere to the basic laws of finance. To strengthen the governance of financial AI algorithms and models, Xiao Gang suggests establishing a governance framework for algorithm models, where laws and regulations form the top level, and this framework also includes objectives, organization, tasks, and ecology.