The Monetary Authority of Singapore (MAS) announced the release of five white papers detailing assessment methodologies for the Fairness, Ethics, Accountability and Transparency (FEAT) principles, to guide the responsible use of AI by financial institutions (FIs). The white papers were published by the Veritas Consortium, comprising 27 industry players. The Consortium also released an open-source toolkit to help FIs adopt the Fairness Assessment Methodology.
The white papers provide:
To accelerate FIs’ adoption of the FEAT methodologies and principles, the Consortium has developed an open-source software toolkit. The toolkit enables the automation of the fairness metrics assessment and allows for visualisation of the interface for fairness assessment and for the plug-ins to integrate with FI's IT systems.
Four core teams within the Consortium were formed to develop the methodologies, toolkit and business use case studies in the banking and insurance sectors:
Standard Chartered Bank (SCB), HSBC and Truera developed the Transparency Assessment Methodology and applied it to credit risk scoring and customer marketing; and
In the next phase, the consortium will develop additional use cases and run pilots with selected FI members to integrate the methodologies with members’ existing governance framework. MAS is also collaborating with the Infocomm Media Development Authority and the Personal Data Protection Commission (PDPC) to include the Toolkit in the PDPC’s Trustworthy AI testing framework.
Sopnendu Mohanty, Chief fintech Officer, MAS, said, “The new open-source software, assessment methodologies and enhanced guidance will further improve the technical capabilities of financial institutions in developing responsible AI for the financial sector. The Veritas initiative continues to deliver tangible outcomes that demonstrate collaborative public-private partnership to drive trust in the adoption of AI technology, enhance confidence and foster innovation in Singapore's fintech ecosystem.”
Re-disseminated by The Asian Banker