Initiative to promote responsible AI use in finance sector

A new initiative is under way to help financial institutions promote the responsible adoption of artificial intelligence (AI) and data analytics. Veritas, as the initiative is called, will allow institutions to evaluate their AI-and data analytics-driven solutions against the principles of fairness, ethics, accountability and transparency. These principles were devised by the Monetary Authority of Singapore (MAS) and the financial industry last year. Veritas aims to provide financial institutions with a verifiable way to incorporate the principles into their AI and data analytics solutions. It will comprise open source tools that can be applied to different business lines, such as retail banking and corporate finance, and in different markets.