Regulating AI 'not the right place to start' says Bailey
AI needs "rigorous" testing and safeguards to contain risk, Andrew Bailey says.
The Governor of the Bank of England, Andrew Bailey, has stated that regulating artificial intelligence (AI) is not the first step to take. Instead, Bailey advocates for rigorous testing to identify vulnerabilities and safeguards to mitigate risk. In his first-ever Substack article, Bailey emphasizes the real and growing significance of AI risks.
He maintains that the benefits of AI development should not be halted or prohibited, as they are immense. However, Bailey argues for a system of intervention and boundaries to govern AI operations.
Recent weeks have seen heightened debate surrounding the potential risks of AI's rapid development and its implications for humanity. Prominent AI firms like Anthropic and OpenAI have called for a deceleration of technology development and an internationally coordinated assessment of risks along with the implementation of safeguards. OpenAI recently chose not to release its latest AI model due to safety concerns.
The notion of slowing down AI development has been dismissed by figures such as President Donald Trump, who asserts that the US is leading the AI race ahead of China. Trump has expressed his desire to maintain this lead, stating that "whoever wins AI, wins." However, following a summit with leading AI firms including OpenAI and Anthropic, Trump announced that executives signed a "morally binding" document, serving as protection from AI's potential risks.
In the UK, Bailey mentioned that significant work is underway in testing AI, with the establishment of the AI Security Institute. This institute is intended to contribute to a set of standards. Bailey acknowledges that the testing pace must accelerate, although he warns of the necessity for humility. He notes that testing will inevitably lead to failures and unexpected model behavior. Bailey clarifies that this is not evidence that testing has failed, but rather a reason why testing is crucial.
Bailey emphasizes that testing should not be seen as a substitute for future regulation. Over time, he believes a more formal regulatory framework might emerge, but in his view, regulation is not the starting point.
Written by urgent.news from BBC News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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