Creating groundbreaking guidelines for responsible AI
The Monetary Authority of Singapore and Accenture established the Veritas industry consortium to provide groundbreaking guidelines for Responsible AI.
In today’s financial services industry, companies are increasingly relying on Artificial Intelligence (AI) to provide exceptional customer service while keeping operations lean and costs low.
The Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority of Singapore, recognized the benefits that AI provides to financial services institutions (FSIs). But it was also aware of the potential impact of unintended consequences from AI on the industry.
These risks could include AI models incorrectly rejecting proportionally more people of a certain sex, race or religion for credit card applications, or people from a certain neighbourhood being charged higher insurance premiums when the claims rates don’t justify it. MAS knew that as FSIs tackled these issues, they would face complex questions around ethics, accountability and transparency.
As one of the first financial regulators to have a dedicated Responsible AI program, MAS is enabling FSIs to evaluate their AI and data analytics solutions against the key principles of fairness, ethics, accountability and transparency (FEAT).
MAS established and led Veritas, an industry consortium that now has more than 25 members, to co-create a methodology framework to operationalize the FEAT principles.
A core team within the Veritas consortium developed three key methodologies to support the framework. Feedback was incorporated regularly from the wider consortium. This ensured the final outcomes would be robust, practical and relevant to FSIs of all sizes and maturity.
The core team:
Accenture’s breadth of expertise, from the latest cutting-edge research to collaborative, strategic programme management, has been key in developing a clear framework...
Xuchun Li, Phd / Deputy Director & Head of AI Development Office, FinTech & Innovation Group, Monetary Authority of Singapore
MAS has become the first regulator to publish a framework of this depth relating to FEAT, and its guidance gives FSIs the ability to move from principles to practice.
MAS and Accenture continue to work together across the financial services ecosystem to:
Through the Veritas consortium, MAS and Accenture are driving broader change across the financial services industry. They’re accelerating the fair, ethical, accountable and transparent use of AI by FSIs. And they are helping FSIs gain value from AI responsibly and building a fairer future to benefit billions of consumers worldwide.
James Hwa Jaan Gan
Managing Director – Banking, Client Account Lead, Southeast Asia
Managing Director – Accenture Labs, Global Responsible AI Lead for Technology Innovation
Principal Director – Strategy & Consulting, Applied Intelligence, Southeast Asia
Managing Director – Financial Services, Client Group Lead, Southeast Asia
Joon Seong Lee
Managing Director – Applied Intelligence Lead, ASIAM
Steven C. Tiell
Senior Principal – Responsible Innovation & Data Ethics Lead
Managing Director – Applied Intelligence, Global Lead for Responsible AI