In the future, ECB Banking Supervision will use artificial intelligence (AI) to screen candidates for management positions at financial institutions. The European Central Bank (ECB) has launched the first version of a natural language processing tool named after a mythological Viking god ‘Heimdall’, ECB Banking Supervisor Elizabeth McCaul announced.
In Norse mythology, Heimdall is a guardian who guards the rainbow bridge Bifrost, which leads to the celestial realm of Asgard. The tool will support the ECB in its so-called ‘fit-and-proper’ assessments, which are assessments of the professional qualifications and personal integrity of candidates for management positions in supervised institutions.
“Heimdall automatically processes documents submitted by banks for potential executives and key positions,” McCaul explains. Heimdall can read and process documents in natural language and structure the information according to predetermined rules for regulators.
This gives them more time to focus on the most important aspects of candidate evaluation, McCaul explains. In Norse mythology, Heimdall is a guardian who guards the rainbow bridge Bifrost, which leads to the celestial realm of Asgard.
Source: Krone
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