There is no doubt that 2024 has been the year of AI, and as we progress towards the Slope of Enlightenment, considerations such as the responsible applications, management of risks and approaches to regulation have come to fore.
 
In August 2024, the controversial SB 1047 AI Safety Bill passed legislature despite resistance from technology companies and Democrats. The bill was adjusted following suggestions by Anthropic, who supported the Bill as eventually presented, stating that the bill was crucial to prevent catastrophic misuse of AI systems and that the “benefits likely outweigh its costs”.

This session considers the latest advancements on thinking on these topics, and tries to collect views on the thorniest questions – role of policymakers vs. developers vs. users in managing AI risks; focus on near- and long-term risks; the role of technology in solving these challenges; cross industry and government collaboration needed to manage these risks.

We will discuss how regulators and industry are coming together to define a new framework and technologies to combat new and emerging risks associated with AI. The role of regulators in providing a code base for industry implementation, and new practices that regulators may adopt in the face of fast-evolving technologies. The roundtable will also examine examples of collaboration in practice and share lessons that may be learned from these.
 
This roundtable aims to provide guidance and a standardised approach for the financial services industry to effectively apply AI and generative AI, to support global consistency and trust.