Arab Monetary Fund
Interactive workshop designed to get AMF leaders hands on with Generative AI
Background
According to a Goldman Sachs report, the latest wave of AI applications could affect up to 300 million full-time jobs by 2030, highlighting the profound impact of Generative AI.
While presenting opportunities, Generative AI presents a series of new risks, as well as ethical and regulatory considerations. Regulatory and financial services leaders now require an in-depth, and hands-on understanding of recent Generative AI developments to assist them and their organisations with navigating the rapidly transforming landscape.
Programme
The “Generative AI Applications and New Risks in Financial Services – Applied Deep-Dive Session” is specifically designed to inform regulators, supervisors and interested financial Leaders about the latest advancements of Generative AI in the financial sector.
This session offers a unique opportunity for participants to engage directly with Generative AI technologies, particularly focusing on their impacts on regulation and supervision.
It aims to engage those who are pivotal in shaping financial policies, promoting financial inclusion, and overseeing regulations.
Content
In a half-day workshop with 150 attendees comprising 30 regulators, 22 AMF members and more, CFTE trained senior leaders from the Arab Monetary Fund (AMF) in Generative AI and how it is being used across institutions. Some of the areas covered include
- Developments and future trends in Gen AI
- Taxonomy of Generative AI applications in Financial Services or Central Banks
- Demonstration of AI Applications like CustomGPTs
- AI implementation strategies and processes
Results
This workshop was specifically designed for central banks, regulators, supervisors working on the digital and Fintech fields. It aimed to engage those who are pivotal in shaping financial policies, promoting financial inclusion, and overseeing regulations.
A major takeaway from the session was the lack of real-world knowledge regulators had about AI and its impact. Participants were exposed to tools that showed them the benefits and risks of Generative AI in a very concrete manner.
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