IS ARTIFICIAL INTELLIGENCE THE NEW TITANIC

Abstract

Artificial intelligence is turning into a new hype influencing heavily stakeholders’ expectations. Billions are spent and billions are pledged to speed up the research in that key area for overall human development. In the same time AI is presented as “just another technology” thus leaving aside its implication as agent of deep and profound societal and economic changes. Is it bound to become the new “Titanic” - a showcase for disaster due to improper regulation? Is present supervisory architecture able to address challenges posed by the AI? Should we adapt existing governance framework or seek innovative solutions? This paper is asking questions about AI supervisionin financial industry but suggests only partial answers since final decisions are to be addressed by holistic, societal approach.