Ep. 154: The Rise of AI - Transforming Financial Markets and Supervision

Toronto Centre Podcasts

This panel took place at the 2024 International Monetary Fund and World Bank Group Annual Meetings.

In today's fast-changing financial landscape, artificial intelligence (AI) is at the forefront of transformation, reshaping how markets operate and how they are regulated. As we embrace AI's immense potential, it is crucial to address ethical considerations, data privacy, and the need for transparency. Collaboration among industry stakeholders, regulators, and technology developers is essential to harness AI's benefits while effectively managing its risks.

The panel discussed:

- How AI is driving innovation, enhancing decision-making, and improving operational efficiency

- Predictive analytics capabilities that enable better risk assessment and mitigation

- Revolutionary advancements in financial supervision, such as AI-powered monitoring and compliance tools

- Rapid technological changes and ensuring that regulatory frameworks keep pace

Opening Remarks:

The Honourable Ahmed Hussen, Minister of International Development, Government of Canada

Panelists:

The Honourable John Rwangombwa, Governor, National Bank of Rwanda

Fundi Tshazibana, Deputy Governor and CEO: Prudential Authority, South African Reserve Bank; Vice-Chair, Network for Greening the Financial System

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank

Moderator:

Jennifer Elliott, Assistant Director, Monetary and Capital Markets Department, International Monetary Fund; Board Member, Toronto Centre

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