The FSC is conducting a study aimed at the use of artificial intelligence as a financial innovation

The FSC is conducting a study on the use of artificial intelligence (AI) by entities under the Commission’s supervision. According to the Chairman of the FSC, Mr. Boyko Atanasov, the survey is very suitable in order to clarify the priorities and identify actions that may be necessary for the safe adoption of artificial intelligence in financial services. The study is part of the strategy for achieving the objectives of the Financial Supervision Commission for the period 2019 – 2021.

This is another in a series of studies conducted by the Financial Supervision Commission for the second year, related to trends in the use of financial innovations by supervised entities.

“Innovation in the field of artificial intelligence is the future. The financial sector is the one that has a serious need for tools for audit, control and options for early detection of risks affecting consumers,” said during the information campaign Mr. Boyko Atanasov, Chairman of the FSC.

The online survey was sent to representatives of the three branches of the non-banking financial sector – insurance, investment and pension insurance market. The study also focuses on the effect of the Covid-19 pandemic, which has accelerated the pace of automation and the adoption of AI in financial services. Therefore, proper control and sustainability of AI systems in the short term are crucial. There may be a need for further work on the audit of artificial intelligence algorithms in the future, which was already a key area of interest before Covid-19. In the long run, companies will need to think about AI and data management in a more holistic way, and in the context of their broader technology infrastructures, and adjust risk management processes accordingly. After the questionnaire is filled in, the FSC will compile a discussion document that will provide information on statistical results in quantitative and qualitative terms, as well as presenting the attitudes of supervised entities towards their answers.

The survey will be conducted online until 29 April 2021.