The State Administration of Financial Supervision and Administration of China has issued guidance on the safe development and application of artificial intelligence in the banking and insurance industries

The State Administration of Financial Supervision and Administration of China has issued guidance on the secure development and application of artificial intelligence in the banking and insurance industries. It requires the board of directors (directors) of banking, insurance, and financial institutions to designate a special committee responsible for the management of artificial intelligence development and application, coordinate the formulation of development plans, promote the construction of capacity systems, formulate institutional norms, clarify the coordination mechanism between leading departments and cross business, technology, and data functional departments, strengthen talent team building, and ensure that artificial intelligence applications match the risk management capabilities of financial institutions.