The Monetary Authority of Singapore and a consortium led by the regulator have launched a toolkit for the responsible use of artificial intelligence.
The Monetary Authority of Singapore (MAS) has released a toolkit for the responsible use of artificial intelligence (AI), according to a statement. The Veritas Toolkit version 2.0 aims to help assess fairness, ethics, accountability and transparency when using AI and data analytics in financial services.
The toolkit was developed by an MAS-led consortium of 31 industry players with consultancy firm Accenture and Bank of China as the main developers. The MAS also worked with non-financial companies like IBM and SAS to better integrate the toolkit with their AI solutions.
Veritas Toolkit version 1.0 was released in February 2022.
White Paper
In addition, the consortium also published a white paper detailing the key lessons learnt by seven financial firms (BNY Mellon, DBS, HSBC, OCBC, Singlife, Standard Chartered and UOB) which piloted the integration of the Vertias methodology.
The white paper covers the importance of having a consistent and robust responsible AI framework that spans geographies; a risk-based approach to determine the governance required for the AI use cases; and responsible AI practices and training for the new generation of AI professionals in the financial sector.
AI Training
According to the MAS, the consortium will focus on training in the area of responsible AI in the coming years and facilitate more adoption of the Veritas methodologies and toolkit.
«Given the rapid pace of developments in AI, it is critical that financial institutions have in place robust frameworks for the responsible use of AI,» said MAS chief fintech officer Sopnendu Mohanty.
