BaFin: Sets out supervisory principles for Big Data and AI
- BaFin published supervisory principles for the use of algorithms in decision-making processes by financial institutions
- Those principles are intended to promote the responsible use of big data and artificial intelligence (BDAI)
- Financial market institutions are increasingly using technologies such as BDAI
- The findings of the study and the outcome of the subsequent consultation serving as a starting point
- Examined which supervisory principles and general conditions had to be established to ensure a controlled use of BDAI
- These considerations have resulted in a 16-page paper which is intended to offer guidance to the institutions supervised
