CFA Society Singapore is excited to join the Monetary Authority of Singapore (MAS)’s Veritas initiative. The Veritas framework promotes the responsible use of artificial intelligence and data analytics by providing a way to validate artificial intelligence and data analytics solutions against the principles of fairness, ethics, accountability and transparency. Veritas will publish a white paper on the “fairness” metrics in credit risk scoring and customer marketing as well as release an open-source code to enable financial institutions to adopt the metrics by the end of 2020.
Chan Fook Leong, CFA, Executive Director, Advocacy, says “This initiative will enable the faster adoption of innovative solutions in a safe and responsible way. With greater public trust in artificial intelligence and data analytics solution, we expect more targeted and value added products and services to be rolled out by financial institutions.”