Given at the Central Bank AI Conference, Published on 25 September 2024
Recent advances in artificial intelligence (AI) bring many opportunities and challenges to central banks. In this new chapter, we should take confidence from our experience with models. But resolve and humility are critical for us to broaden our data and analytics agendas and strengthen governance. Models will need to be TRUSTED (Targeted, Reliable, Understood, Secure, stress-Tested, Ethical and Durable) to ensure their ethical, safe and effective application across the organisation.
Introduction
Good morning. It is a pleasure to be here at the inaugural Central Bank AI Conference.
I am James Benford, Chief Data Officer at the Bank of England, and today I will discuss how we are preparing for the transformative potential that advances in artificial intelligence (or AI) offer to improve how we work internally to deliver monetary and financial stability. I have three key messages.
First, central banks are not star
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