MAS unveils assessment methodologies for responsible AI use in financial services

The Monetary Authority of Singapore (MAS) has released five whitepapers detailing assessment methodologies to help guide responsible use of AI in financial services.

The assessment methodologies were for the Fairness, Ethics, Accountability and Transparency (FEAT) principles, which will look to guide the responsible use of AI by financial institutions. The white papers were published by the Veritas Consortium, which includes 27 industry players.

According to MAS, the white papers provide a comprehensive FEAT checklist for FIs to adopt during their AI and data analytics (AIDA) software development lifecycles and also offer an enhanced fairness assessment methodology to enable FIs to define their AIDA system’s fairness objectives, identify personal attributes of individuals and any unintentional bias.

The whitepapers also offer a new ethics and accountability assessment methodology which provides a framework for FIs to carry out quantifiable measurement of ethical practices, as well as a new transparency assessment methodology that helps FIs determine whether and how much internal/external transparency is needed to explain and interpret the predictions of machine learning models.

The Consortium – to speed up FIs adoption of the FEAT methodologies and principles – has also developed an open-source software toolkit. This 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 FIs IT systems.

MAS noted that the consortium will develop further use cases in the next phase and run pilots with selected FI members to integrate the methodologies with members’ existing governance framework.

MAS chief FinTech officer Sopnendu Mohanty 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.”

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