View of the Bank of Korea in Jung-gu, Seoul [Photo=Yonhap News]
The Bank of Korea, in collaboration with the World Bank, has published a guide to support the introduction and utilization of artificial intelligence (AI) in public asset management institutions.
On July 5, the Bank of Korea's Foreign Exchange Management Division announced the release of the "AI Primer for Public Investors: From AI Awareness to AI Readiness."
This report introduces trends and key examples of AI usage in the global asset management sector and outlines the governance frameworks necessary for public asset management institutions to adopt AI. It was developed based on surveys and interviews conducted with global asset management firms, with contributions from Deputy Directors Choi Byung-hyun and Yoo Ri of the Bank of Korea.
According to the report, most leading asset management firms have established AI governance frameworks in the past two to three years. However, the majority of asset management firms and institutional investors remain in the early stages of AI adoption.
The report concludes that the question is no longer whether to pursue AI adoption, but rather how effectively and cautiously to implement it. It recommends that institutions assess feasibility and potential impacts to prioritize their efforts, while also establishing governance that ensures accountability, consistency, and oversight throughout the lifecycle of AI implementation.
Meanwhile, the World Bank plans to hold an online seminar later this month for members of the Reserve Asset Management Program (RAMP) to share key insights and implications from the report.
On July 5, the Bank of Korea's Foreign Exchange Management Division announced the release of the "AI Primer for Public Investors: From AI Awareness to AI Readiness."
This report introduces trends and key examples of AI usage in the global asset management sector and outlines the governance frameworks necessary for public asset management institutions to adopt AI. It was developed based on surveys and interviews conducted with global asset management firms, with contributions from Deputy Directors Choi Byung-hyun and Yoo Ri of the Bank of Korea.
According to the report, most leading asset management firms have established AI governance frameworks in the past two to three years. However, the majority of asset management firms and institutional investors remain in the early stages of AI adoption.
The report concludes that the question is no longer whether to pursue AI adoption, but rather how effectively and cautiously to implement it. It recommends that institutions assess feasibility and potential impacts to prioritize their efforts, while also establishing governance that ensures accountability, consistency, and oversight throughout the lifecycle of AI implementation.
Meanwhile, the World Bank plans to hold an online seminar later this month for members of the Reserve Asset Management Program (RAMP) to share key insights and implications from the report.
* This article has been translated by AI.
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