The Financial Sector Must Embrace Transparency in Artificial Intelligence to Ensure Fairness

The difficulty in auditing financial AIs increases in direct proportion to the complexity of the decisions they are making; as neural networks are increasingly tasked with everything from auditing accounts to predicting fraud, their inner workings are becoming more opaque. It may be difficult for the FCA to gain access to the necessary information to regulate AI; the secret behind an AI's decision-making process is often part of its Intellectual Property which makes companies reluctant to open them to external scrutiny.