TOKYO (Reuters) – Bank of Japan Governor Kazuo Ueda claimed on Thursday reserve banks needs to be acutely aware that technical breakthroughs, similar to within the location of professional system (AI), can carry brand-new risks to financial safety.
“As financial services grow more diverse and complex, the channels of risk transmission have become less transparent, and current financial regulations may not be fully equipped to manage new types of financial services,” Ueda claimed.
“This environment underscores the need for operational resilience, including robust management of cybersecurity and third-party risks,” he claimed in a speech on the Paris Europlace Financial Forum in Tokyo.
(Reporting by Leika Kihara and Makiko Yamazaki; Editing by Kim Coghill)
