Bank of Italy engaging with global AI firms, governor says

MILAN, May 29 (Reuters) - The Bank of Italy is in ‌touch with global provides of ‌artificial intelligence technology ahead of the release ​of new AI models to the financial sector, Governor Fabio Panetta said in his annual keynote ‌speech on ⁠Friday.

* The discussions aim to ensure new AI models ⁠are properly implemented once they become publicly accessible.

* The Bank ​of Italy ​launched in ​recent days discussions ‌with national authorities, financial players and their IT services providers on the subject.

* Banks are responsible for ensuring their systems' protection and ‌continuity, once the ​use third-party providers ​these companies ​bear the same responsibility.

* ‌The response cannot be ​purely technological ​but requires action by executive bodies which must set up ​sound ‌governance and control frameworks, Panetta ​said.

(Reporting by Valentina Za, editing ​by Alvise Armellini)