Finance
Financial firms must set up AI risk management bodies; FSS to draw up guidelines
South Korea\'s Financial Supervisory Service said on Thursday it will prepare a financial-sector AI risk management framework to help financial companies use artificial intelligence soundly by specifying governance principles. It said AI errors could undermine financial stability and affect consumers, while firms\' AI governance remains insufficient. In a survey of 118 firms, only a handful had decision-making bodies and about 85 percent lacked ethics principles and risk standards. The FSS aims to finalise and implement the guidelines in the first quarter.