The six-week Sprint runs until 12 November and brings together businesses, organisations and individuals for more than 50 events examining the opportunities and challenges of AI.
The Guernsey Financial Services Commission said its involvement reflected its long-standing engagement with the technology, which began in 2019 – less than a year after the release of the first GPT-1 large language model – as well as the growth priorities set out in the recent Finance Sector Strategy 2035 report, which highlighted innovation, digital capability and a supportive regulatory environment as key to the island’s competitiveness.
The first of the commission’s two events is the AI for AML Hackathon tomorrow, which will bring together people from the financial services and technology communities to explore how AI and synthetic data could be used to develop and test new approaches to anti-money laundering controls.
The commission said it was supporting the event as regulator, helping firms explore how new technology could make their financial crime controls ‘easier to use and more efficient’ while continuing to meet their regulatory responsibilities. It follows its May update to its Handbook on Countering Financial Crime, which clarified how firms can make responsible use of technology.
The GFSC will also host Data Readiness for AI: Are organisations ready? at its Regency Court offices on Thursday 29 October, looking beyond the technology at the practical foundations needed to make AI work – including data quality, processes, skills and culture.
‘AI adoption is about much more than the technology itself,’ said Katherine Jane, deputy director general (risk and operations), who will run the session.
'The quality of the underlying data, the systems and processes supporting it, and the way organisations understand and manage the associated risks of implementation are all important.
'The session will help firms assess whether those foundations are in place and identify the practical steps needed to move confidently from experimentation to wider adoption.’
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