IIF Announces Participation in U.S. Department of Commerce Consortium Dedicated to AI Safety

IIF will be one of more than 200 leading AI stakeholders to help advance the development and deployment of safe, trustworthy AI under new U.S. Government safety institute

The Institute of International Finance (IIF) has joined more than 200 of the United States’ leading artificial intelligence (AI) stakeholders to participate in a Department of Commerce initiative to support the development and deployment of trustworthy and safe AI. Established by the Department of Commerce’s National Institute of Standards and Technology (NIST), the U.S. AI Safety Institute Consortium (AISIC) will bring together AI creators and users, academics, government and industry researchers, and civil society organizations to meet this mission.

“The financial industry has long been at the forefront of implementing effective governance for AI,” said Jessica Renier, Head of Digital Finance for IIF. “We look forward to engaging with AISIC on its work to advance transformative innovation and steward AI development in a way that ensures the integrity and safety of the global financial ecosystem.”

 “The U.S. government has a significant role to play in setting the standards and developing the tools we need to mitigate the risks and harness the immense potential of artificial intelligence. President Biden directed us to pull every lever to accomplish two key goals: set safety standards and protect our innovation ecosystem. That’s precisely what the U.S. AI Safety Institute Consortium is set up to help us do,” said U.S. Secretary of Commerce Gina Raimondo.

The consortium includes more than 200 member companies and organizations that are on the frontlines of developing and using AI systems, as well as the civil society and academic teams that are building the foundational understanding of how AI can and will transform our society. These entities represent the nation’s largest companies and its innovative startups; creators of the world’s most advanced AI systems and hardware; key members of civil society and the academic community; and representatives of professions with deep engagement in AI’s use today. The consortium also includes state and local governments, as well as non-profits. The consortium will also work with organizations from like-minded nations that have a key role to play in setting interoperable and effective safety around the world.

The full list of consortium participants is available here.

About the Institute of International Finance (IIF)

The Institute of International Finance (IIF) is the global association of the financial industry, with about 400 members from more than 60 countries. The IIF provides its members with innovative research, unparalleled global advocacy, and access to leading industry events that leverage its influential network. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, professional services firms, exchanges, sovereign wealth funds, hedge funds, central banks and development banks. To learn more about IIF, please visit www.iif.com, follow us on Twitter, LinkedIn or YouTube, or check out IIF’s podcasts.

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