The Monetary Authority of Singapore(MAS) has now issued a set of algorithms and principles to promote the ethics, fairness, transparency, and accountability in the work and use of the Artificial Intelligence and Data Analytics in the field of Finance.
This is merely known by the name as FEAT principles, the document provides the complete guide to the firms which offers financial products and services on the more responsible use of the Data Analytics and Artificial Intelligence to strengthen the internal governance around the data management and use.
The MAS said that this is going to be intended to foster the greater confidence and trust in the use of the Data Analytics and Artificial Intelligence as nowadays organizations increasingly adopt the latest technology tools and solutions to support the business strategies and in the risk management.
The MAS worked closely with the group of senior’s industry partner with a committee of a FEAT in developing the principles. The committee as of now is handled by the MAS chief Data Officer David Hardoon and Prime Partners co-founder and adviser Hsieh Fu Hua. The principles also incorporate views and feedback from the Financial institutions, fintech firms, industry associations and technology providers.
Dr Hardoon said: “As the financial industry harnesses the potential of AI and data analytics on an increasing scale, we need to be cognisant of using these technologies in a responsible and ethical manner. The FEAT Principles are a significant first step that MAS has taken with the industry.”
Mr Hsieh said: “It is important to have a common set of principles to refer to as an industry benchmark and guide when thinking about how to use AI and data analytics in a responsible and ethical way. I am confident that the industry will endeavour to put these principles into practice when developing or implementing internal governance around the use of these technologies.”