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MAS sets out principles to guide use of artificial intelligence, data analytics in finance
THE Monetary Authority of Singapore (MAS) has issued a set of principles to promote fairness, ethics, accountability and transparency (FEAT) in the use of artificial intelligence (AI) and data analytics in finance.
Known as the FEAT Principles, the document provides guidance to firms offering financial products and services on the responsible use of AI and data analytics, to strengthen internal governance around data management and use.
The MAS said that this is intended to foster greater confidence and trust in the use of AI and data analytics, as firms increasingly adopt technology tools and solutions to support business strategies and in risk management. The document is available here.
The MAS has worked closely with a group of senior industry partners through a FEAT Committee in developing the principles. The committee is co-chaired by MAS chief data officer David Hardoon and PrimePartners co-founder and adviser Hsieh Fu Hua. The principles also incorporate views and feedback from financial institutions, industry associations, fintech firms, technology providers and academia.
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.”