Developing an ethical framework for artificial intelligence management in the financial sector

The exponential growth of artificial intelligence (AI) has yielded significant achievements across various sectors of the economy, including finance. This growth, however, has also introduced economic instabilities that regulators need to address by establishing ethical frameworks. These frameworks are essential to ensure that AI is managed properly and does not contravene the financial regulations and legal standards of a country. Drawing on the experiences of countries including the United States of America, Europe, and China by gathering regulations publicized by authorities, this study aims to offer recommendations for regulatory bodies on developing an ethical framework for AI management in the financial sector, with the ultimate purpose is to use AI in a way that is sustainable and socially responsible, thereby contributing to the establishment of a developed and sustainable financial system. The study also discusses the potential challenges of implementing AI ethical frameworks in organizations in the financial sector, which may raise the necessary adjustments of AI ethical framework when being applied in practice.