Artificial Intelligence Consortium membership call for interest

Membership call for interest

The Bank of England (Bank) has placed a call for interest for membership of its new Artificial Intelligence Consortium (Consortium) with a closing date of Friday 8 November 2024. 

The Consortium is a platform for public-private engagement and will be chaired by Sarah Breeden, the Bank’s Deputy Governor for Financial Stability. The Consortium has the following aims:

1. identifying how artificial intelligence (AI) is or could be used in UK financial services
2. discussing the potential benefits, risks and challenges arising from the use of AI, and
3. informing the Bank’s approach to those benefits, risks and challenges.

The Consortium’s terms of reference provide further details.

To aid our assessment of candidates, applicants are asked to provide a summary (in no more than 500 words) of their suitability to join the Consortium, covering both their current role, and relevant experience in regard to AI and its use in financial services. Applicants are also asked to briefly outline (in no more than 250 words) a topic that could be discussed in one of the quarterly meetings, explaining its relevance and importance.

The Bank will review all applications and select around 30 members. As a guide, the Bank will consider the selection criteria set out below in evaluating applications. In addition to these criteria, the Bank will consider the overall balance of the Consortium in terms of diversity of perspective and balance of expertise.

To apply

Selection Criteria

• Knowledge and experience: the member should be a knowledgeable and experienced professional from one of the sectors identified under ‘Composition and participation’. They should have first-hand professional experience working with AI, and be able to provide technical, analytical, and/or business perspectives.
• Understanding of policy perspective: it is preferable that the member can demonstrate understanding of policy issues including the microprudential and macroprudential implications of the use of AI in financial services.
• Time commitment: it is essential that the member is able to commit sufficient time to the Consortium. The required commitment will include attendance and participation at meetings four times per year, as well as additional workshops (as required), and preparatory work prior to each meeting and workshop. Members will also be expected to review and provide input and/or feedback for any material published by the Consortium (such as summaries of discussions).

Composition and participation

The Consortium seeks to draw on a rich variety of knowledge and experiences amongst its members. The Consortium aims to be representative and diverse so applications are encouraged from potential members of all backgrounds and from organisations of any size and from across the UK – including, but not limited to, the following sectors: 

• Academia
• Banking, insurance, and other financial services
• Fintechs
• Non-Governmental Organisations / Think Tanks
• Financial market infrastructure companies
• Technology companies
• Trade bodies

Members are not considered employees or workers of the Bank, and will not receive monetary compensation for membership.

Please direct all enquiries to AIConsortium@bankofengland.co.uk.