""Artificial Intelligence is a coming storm that threatens to alter - and I believe, improve - all organizations. The pace of technological change today means that the Fed does not have the time to sit back and ruminate about changes for months and years on end.""
""These functions are not delivered better or more efficiently with geographic dispersion. The external environment has changed, and we need greater agility to capture efficiencies and manage risk, such as cybersecurity, and incorporating AI into our system processes.""
Christopher Waller emphasized the need for the Federal Reserve to overhaul its operations due to external factors like new technologies. He pointed out that core functions such as human resources and IT oversight are better managed through centralized, technology-driven platforms rather than a decentralized approach. Waller highlighted the urgency of adapting to rapid technological changes, particularly artificial intelligence, to improve efficiency and manage risks. The Fed has begun implementing AI capabilities to enhance its systems while maintaining necessary decentralization for monetary policy.
Read at Nextgov.com
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