The country’s largest banks, pension funds and insurers will be stress-tested for their resilience to artificial intelligence-driven threats, as well as extreme market volatility, with the prudential regulator warning many firms are ill-prepared for the growing risks posed by AI.
The first-of-its-kind test, to be conducted by the Australian Prudential Regulation Authority next year, will examine how the financial system responds to potential AI-led disruption.
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