The Monetary Authority of Singapore (MAS) has announced the release of an updated version of its open-source toolkit to enable the responsible use of Artificial Intelligence (AI) in the financial industry.
The Veritas Toolkit, first released in February 2022 focused on the assessment methodology for Fairness.
The newly released Veritas Toolkit version 2.0 will help financial institutions (FIs) carry out the assessment methodologies for the Fairness, Ethics, Accountability and Transparency (FEAT) principles.
The FEAT principles provide guidance to firms offering financial products and services on the responsible use of AI and data analytics.
Developed by a MAS-led consortium of 31 industry players with Accenture and Bank of China as major contributors, the tool was pilot tested by several firms like BNY Mellon, DBS Bank (DBS), OCBC Bank (OCBC) and United Overseas Bank Limited (UOB).
The consortium has also published a white paper detailing key lessons learnt during trials on the importance of having a consistent AI framework, a risk-based approach to determine the governance required for use cases and responsible AI practices and training for new-generation professionals.
Use cases
The industry consortium has developed additional use cases to apply Veritas methodology.
Swiss Re conducted a transparency assessment for its predictive AI-based underwriting use case. Similarly, Google applied the FEAT Assessment Methodologies to Google Pay’s detection of fraudulent payments in India.
MAS said the consortium will focus on training and adoption of the toolkit in the near future. It also aims to build the Veritas open-source developer community and train more responsible AI talents, working in partnership with solution providers, such as IBM and SAS, to integrate the toolkit with their AI solutions.
