One of the most relevant topics on the agenda of Amundi-Acba Economic Forum was AI for Sustainable Finances: challenges and opportunities. The panel discussion brought together experts Marie Brier, Head of the Investor Intelligence and Academic Partnership at Amundi Institute, Armen Kherlopian, scientist, Head of Covenant Venture Capital, Garegin Gevorgyan, Director of Financial Stability and Regulation Directorate at the Central Bank of Armenia. The discussion was moderated by Aram Pakhchanyan, a public figure who made a great contribution to the modernization of education in Armenia.

Marie Brier introduced artificial intelligence from the perspective of sustainable financing. What is the role of artificial intelligence in the process of making sustainable investment decisions? According to Brier, AI tools are now available that can collect and analyze more information on ESG risks and opportunities than ever before. AI collects data in real-time and uses alternative sources: voice information, text or photo.

Data analysis will provide an opportunity to see how companies apply environmental, social and governance principles. The problem is the companies are now evaluated by different rating agencies, so the evaluation is based on subjective choice. Complete data is needed to get a broader picture of companies. Artificial intelligence has a lot of work to do here, it can combine all the information about companies. Using this information, investors will be able to evaluate companies. Despite the opportunities provided, there are still challenges in existing extensive data analysis, including data accuracy, lack of complete geographic coverage, and lack of historical data. AI is a useful tool, but it should be used carefully.

Regarding the question addressed to the attendees of the forum - what the biggest challenge of artificial intelligence will be - Armen Kherlopian noted that there is a risk in terms of data security if someone gets access to the data of any online service that people use. As for replacing the labor force, here too the issue should be looked at from a different angle. The jobs that are dangerous and quite hard can be done by machines.

In response to the question whether the Central Bank is proactive or reactive in the development of artificial intelligence, Garegin Gevorgyan stated that the main function of the Central Bank is to ensure price stability and all decisions are conditioned within this authority. The Central Bank does not show initiative and is not responsible for this sector, however it encourages financial organizations to experiment with new technologies. He also emphasized the importance of being prepared for the challenges of artificial intelligence, especially when it comes to frauds carried out using these technologies.

According to Aram Pakhchanyan, the impact of AI is immense, it exists in almost all areas. The results will be interesting especially in the financial sector. There are 2 poles in this field: on one hand there is clear regulation, management and conservatism, on the other hand there is a desire to make money and the use of modern technologies.