TLDR: BCBS Chair warns that lack of global cooperation in regulating AI could have negative consequences

The chair of the Basel Committee on Banking Supervision (BCBS), Pablo Hernández de Cos, has warned that the impact of artificial intelligence (AI) could “change the course of history not necessarily for the good” if there is no coordinated global response to regulate it. De Cos urged global leaders to work together to find the “right solution” to AI’s challenges, drawing on the coordinated approach taken by financial regulators. He highlighted the need for a common international agreement to manage the many potentially important consequences of AI, including those related to financial stability.

The urgency to regulate powerful AI has grown in recent times, with the European Union passing landmark AI regulations last month. However, de Cos argued that regional efforts will not be enough and that global cooperation is essential. These comments come ahead of the World Economic Forum’s annual meeting in Davos, where AI’s promises and risks will be a key theme of discussion.

Although some tech companies have implemented their own guardrails for AI, experts have called for more frameworks and government involvement to ensure the responsible use of the technology. The US has been lagging behind Europe in developing AI regulation frameworks, but in a recent sign of global collaboration, multiple countries signed an agreement advocating for AI creations to be “secure by design”.

It remains to be seen how global cooperation in regulating AI will unfold, but the stakes are high in ensuring the technology is used for the benefit and not the detriment of society.