* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Wednesday, July 9, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Monumental Sports & Entertainment’s Samantha Brady on the Power of the RSN’s Direct-to-Consumer Streaming Service Monumental+ – Sports Video Group

    Samantha Brady Reveals How Monumental+ is Transforming Sports Streaming with Direct-to-Consumer Access

    Moses Singer Welcomes Entertainment and Intellectual Property Partner Frederick Bimbler – Yahoo Finance

    Moses Singer Expands Team with New Entertainment and Intellectual Property Partner Frederick Bimbler

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Magicians and Battlebots light up Las Vegas entertainment scene – KSNV

    Magicians and Battlebots Take Las Vegas Entertainment by Storm

    Max-Matching Entertainments & Longhua District form partnership for new entertainment complex – Blooloop

    Max-Matching Entertainments and Longhua District Unite to Launch Thrilling New Entertainment Complex

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Google Fiber puts Nokia network slicing technology to the test – Fierce Network

    Google Fiber Puts Nokia’s Network Slicing Technology to the Ultimate Test

    Kaseya Extends Community Investment with Addition of Technology Marketing Toolkit – Kaseya

    Kaseya Extends Community Investment with Addition of Technology Marketing Toolkit – Kaseya

    AI and the Trust Revolution: How Technology Is Transforming Human Connections – Foreign Affairs

    AI and the Trust Revolution: How Technology Is Transforming Human Connections – Foreign Affairs

    Technology And Construction Names Join Top Stock Lists: Check Out Additions To IBD 50, Big Cap 20 And More – Investor’s Business Daily

    Technology and Construction Leaders Surge Into Top Stock Rankings: See the Latest Additions to IBD 50, Big Cap 20, and More

    Column: Teach kupuna new technology skills – Honolulu Star-Advertiser

    Empowering Kupuna: Unlocking New Technology Skills for a Connected Future

    EIFO invests $5 million in D3, the Ukraine-focused defence technology venture fund – sUAS News

    EIFO Pledges $5 Million to Supercharge Ukraine-Focused Defense Technology Fund

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Monumental Sports & Entertainment’s Samantha Brady on the Power of the RSN’s Direct-to-Consumer Streaming Service Monumental+ – Sports Video Group

    Samantha Brady Reveals How Monumental+ is Transforming Sports Streaming with Direct-to-Consumer Access

    Moses Singer Welcomes Entertainment and Intellectual Property Partner Frederick Bimbler – Yahoo Finance

    Moses Singer Expands Team with New Entertainment and Intellectual Property Partner Frederick Bimbler

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Magicians and Battlebots light up Las Vegas entertainment scene – KSNV

    Magicians and Battlebots Take Las Vegas Entertainment by Storm

    Max-Matching Entertainments & Longhua District form partnership for new entertainment complex – Blooloop

    Max-Matching Entertainments and Longhua District Unite to Launch Thrilling New Entertainment Complex

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Google Fiber puts Nokia network slicing technology to the test – Fierce Network

    Google Fiber Puts Nokia’s Network Slicing Technology to the Ultimate Test

    Kaseya Extends Community Investment with Addition of Technology Marketing Toolkit – Kaseya

    Kaseya Extends Community Investment with Addition of Technology Marketing Toolkit – Kaseya

    AI and the Trust Revolution: How Technology Is Transforming Human Connections – Foreign Affairs

    AI and the Trust Revolution: How Technology Is Transforming Human Connections – Foreign Affairs

    Technology And Construction Names Join Top Stock Lists: Check Out Additions To IBD 50, Big Cap 20 And More – Investor’s Business Daily

    Technology and Construction Leaders Surge Into Top Stock Rankings: See the Latest Additions to IBD 50, Big Cap 20, and More

    Column: Teach kupuna new technology skills – Honolulu Star-Advertiser

    Empowering Kupuna: Unlocking New Technology Skills for a Connected Future

    EIFO invests $5 million in D3, the Ukraine-focused defence technology venture fund – sUAS News

    EIFO Pledges $5 Million to Supercharge Ukraine-Focused Defense Technology Fund

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Rapid AI development poses supervisory challenges in the Netherlands

June 10, 2024
in Technology
Rapid AI development poses supervisory challenges in the Netherlands
Share on FacebookShare on Twitter

In the Netherlands, the financial regulator and the monetary authority are grappling with the pace of artificial intelligence development and its implications for the financial industry


By

Kim Loohuis

Published: 07 Jun 2024 14:26

The Dutch Authority for the Financial Markets (AFM) and the monetary authority, De Nederlandsche Bank (DNB), are in the midst of a profound supervisory transformation fuelled by the rapid development of artificial intelligence (AI). 

While technological advances are driving a wave of innovation in the financial and security industries, these supervisory bodies face significant challenges in keeping up with the complexity and pace of these changes.

To shape the monitoring of AI, the two organisations have jointly released a report with starting points and concerns. The report aims to engage the bodies in dialogue with the industry, demonstrating their commitment to transparency and collaboration.

AI in finance

The growing influence of AI in the Dutch financial world is not just a matter of technological advancement, but also raises profound questions about the risks involved. Banks and insurers increasingly make decisions on lending and policy premiums using AI. This development has not gone unnoticed by the citizens, who are increasingly concerned about how this could affect their financial well-being.

Research shows that only a quarter of Dutch respondents are optimistic about the use of AI by financial institutions, but more than six in 10 believe strict supervisory measures could help. These concerns are not to be taken lightly. In response, De Nederlandsche Bank sees a vital role for itself as a strict watchdog, looking out for both the risks and opportunities of AI use in the financial sector.

DNB board member Steven Maijoor said in an interview with Dutch news site AD: “AI is here to stay. It is happening now and will become more and more important. Then we’d better regulate it properly.” This statement underscores the gravity of the situation and the need for responsible regulation.

Ensuring individuals’ privacy and preventing data misuse are essential aspects of adequate supervision in the age of AI

Pursuing a balanced approach to AI in the financial sector aligns with the insights of the report by De Nederlandsche Bank and the Financial Markets Authority. The report, The impact of AI on the financial sector and supervision, provides an in-depth insight into this shift and highlights the crucial role of AI in modernising financial services. 

The supervisory bodies have closely analysed the impact of AI on the financial sector, and they stress the importance of supervising the responsible use of AI by financial institutions. With the emergence of AI in the decision-making process of banks and insurers, it becomes crucial to adequately supervise and ensure that AI systems are transparent and respect consumers’ fundamental rights.

DNB and AFM will, therefore, work to assess the risks of AI in the financial sector and take appropriate measures to protect consumers from potential dangers, reinforcing the audience’s sense of security. 

“When it comes to digitisation, [financial] entrepreneurs and organisations look mainly at the security risks to their own business and much less at the societal consequences. This is worrying,” said Jan Matto, partner for IT audit and advisory at Mazars Nederland.

“As an entrepreneur, you must report on the systemic risks you may face with digital personal data, for example. Think of discrimination, exclusion, illegal arms trade, the undermining of democratic processes, the spread of fake news – which, for example, is harmful to the health or well-being of individuals – and the failure to respect the rights of children in particular,” he added. “It is strange that we require every company to be responsible but demand so few guarantees when it comes to digitisation.”

One of the primary challenges arising from the accretion of AI is the complexity of algorithms used in financial processes and security operations. Traditional oversight mechanisms may not be adequately equipped to understand and evaluate the deep workings of these complex algorithms. Therefore, the AFM and the BND need to invest in advanced analytical capabilities and specialist expertise to monitor and control these algorithms effectively.

Another crucial aspect highlighted in the report is the need for transparency and accountability in the use of AI in the financial and security sectors. This requires the AFM and the BND to ensure an adequate data protection and privacy framework, as AI systems often rely on large amounts of sensitive data. Ensuring individuals’ privacy and preventing data misuse are essential aspects of adequate supervision in the age of AI.

Ethical AI governance 

Moreover, the rise of AI brings new risks, such as the possibility of unintentional discrimination or bias in automated decision-making systems. AFM and BND acknowledge that these risks call for proactive measures to ensure that AI applications are fair and equitable and meet the highest ethical standards. Developing guidelines and standards for the ethical use of AI will play a crucial role in ensuring integrity and trust in financial and security processes.

It is strange that we require every company to be responsible but demand so few guarantees when it comes to digitisation

Jan Matto, Mazars Nederland

Another key challenge is strengthening staff capabilities and training them in AI-related skills. The AFM and the BND need continuous training and professional development to ensure that their teams remain up to date with the latest developments in AI technologies and methodologies. In addition, collaboration with academic institutions and private sector partners is essential to access specialised knowledge and expertise in AI.

Finally, the report stated that the AFM and the BND need to be aware of the geopolitical implications of AI, especially in the areas of cyber security and information security. The increasing use of AI in cyber attacks and espionage operations requires a more resilient and coherent approach to cyber security, where international cooperation and information sharing are crucial.

The report concludes that the rise of artificial intelligence represents a paradigm shift for regulatory bodies such as the AFM and the BND. To remain effective in an ever-changing environment, the Dutch regulatory bodies must adapt to the complexity and speed of technological change while integrating AI’s ethical, legal and societal implications into their supervisory practices.

Therefore, the AFM and BND will intensify their efforts to monitor and control financial institutions’ complex algorithms and decision-making systems. They will also invest in advanced analytical capabilities and specialist expertise to ensure the transparency and accountability of AI systems. Through close cooperation with international partners and continuous evaluation of best practices, the AFM and BND will strive for a robust and adaptive supervisory regime that promotes the integrity and stability of the financial sector while fostering innovation and competition within an ethical framework.

Read more on IT for financial services

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Computer Weekly – https://www.computerweekly.com/news/366588192/Rapid-AI-development-poses-supervisory-challenges-in-the-Netherlands

Tags: DevelopmentRapidtechnology
Previous Post

Bitdefender makes MDR services free to NHS bodies hit by Qilin

Next Post

Citizen Sleeper 2 dated for early 2025, also coming to PS5 and Switch

Google Fiber puts Nokia network slicing technology to the test – Fierce Network

Google Fiber Puts Nokia’s Network Slicing Technology to the Ultimate Test

July 9, 2025
Ball State is the worst team in EA Sports College Football 26. Could that be a good thing? – Yahoo Sports

Is Being the Worst Team in EA Sports College Football 26 Actually an Advantage for Ball State?

July 9, 2025
Academics critique Farming Simulator’s portrayal of ‘good farming’ and praise modders for agro-ecology add-ons – PC Gamer

Academics critique Farming Simulator’s portrayal of ‘good farming’ and praise modders for agro-ecology add-ons – PC Gamer

July 9, 2025
Why is the Earth spinning faster? Is time speeding up? Australia’s experts give us their second opinion – The Guardian

Why is the Earth spinning faster? Is time speeding up? Australia’s experts give us their second opinion – The Guardian

July 9, 2025
200 million year-old jawbone revealed as new species – BBC

200 million year-old jawbone revealed as new species – BBC

July 9, 2025
Off-grid homeowner dispels common misconceptions about his lifestyle: ‘Doesn’t mean I live primitively’ – Yahoo

Off-Grid Living Uncovered: How One Homeowner Thrives Without Sacrificing Modern Comforts

July 9, 2025
Fluminense Is the Big Winner of the Controversial 2025 Club World Cup – Sportico.com

Fluminense Is the Big Winner of the Controversial 2025 Club World Cup – Sportico.com

July 9, 2025
A Masterclass on Status, Power, & the Economy with Tressie M… – Kottke.org

Unlocking Status, Power, and the Economy: A Masterclass with Tressie M

July 9, 2025
Monumental Sports & Entertainment’s Samantha Brady on the Power of the RSN’s Direct-to-Consumer Streaming Service Monumental+ – Sports Video Group

Samantha Brady Reveals How Monumental+ is Transforming Sports Streaming with Direct-to-Consumer Access

July 9, 2025
Tuesday’s Station Research Advancing Crew Health as Crew Unpacks Cargo – NASA (.gov)

Tuesday’s Station Research Advancing Crew Health as Crew Unpacks Cargo – NASA (.gov)

July 9, 2025

Categories

Archives

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« Jun    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (712)
  • Economy (737)
  • Entertainment (21,625)
  • General (15,795)
  • Health (9,774)
  • Lifestyle (742)
  • News (22,149)
  • People (737)
  • Politics (745)
  • Science (15,954)
  • Sports (21,235)
  • Technology (15,721)
  • World (718)

Recent News

Google Fiber puts Nokia network slicing technology to the test – Fierce Network

Google Fiber Puts Nokia’s Network Slicing Technology to the Ultimate Test

July 9, 2025
Ball State is the worst team in EA Sports College Football 26. Could that be a good thing? – Yahoo Sports

Is Being the Worst Team in EA Sports College Football 26 Actually an Advantage for Ball State?

July 9, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version