How the Crisis in Ukraine Could Impact Machine Learning Models - Banking Exchange

When there's a major event that causes the destabilization of financial markets, not having a sound governance, risk and control (GRC) strategy for Machine Learning (ML) models becomes increasingly a risk to banks and other organizations. The pandemic is a prime example -- it sent shockwaves throughout the financial industry and jeopardized the validity of financial ML models. The current crisis in Ukraine is another example. As the conflict there worsens and the resulting economic fallout continues, the critical need for financial organizations to have checks in place to safeguard artificial intelligence (AI) and prevent bias will be revealed. You may have heard stories of grandparents trying to make their first-ever online purchases during the pandemic, only to be declined because they had never used their credit cards to shop online before the pandemic.