On 26 June 2023, the Monetary Authority of Singapore (“MAS“) announced the release of the Veritas Toolkit version 2.0, an open-source toolkit to enable the responsible use of Artificial Intelligence (“AI“) in the financial industry.
The Veritas Toolkit version 2.0 has been developed by a consortium of 31 industry players led by MAS, and aims to 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.
The Veritas Toolkit is the first responsible AI toolkit developed specifically for the financial industry. Following from its initial version, Veritas Toolkit version 2.0 has an improved Fairness assessment methodology and includes assessment methodologies for Ethics, Accountability, and Transparency. The main developers of the toolkit are Accenture and Bank of China, with BNY Mellon, DBS Bank, OCBC Bank, United Overseas Bank Limited contributing to the pilot testing of this toolkit.
In addition, the consortium has published a white paper setting out the key lessons learnt by seven FIs which piloted the integration of Veritas methodology with their internal governance framework. The key lessons include the importance of having:
(a) A consistent and robust responsible AI framework that spans geographies;
(b) A risk-based approach to determine the governance required for the AI use cases; and
(c) Responsible AI practices and training for the new generation of AI professionals in the financial sector.
Looking to the future, the consortium will focus on training in the area of responsible AI and facilitate the adoption of the Veritas Methodologies and Toolkit by more FIs. On MAS’ part, it has also worked with some AI solution providers to integrate the Veritas Toolkit with their AI solutions to better serve their financial sector customers. The consortium will work closely with these industry players to build the Veritas open-source developer community and train more responsible AI talents.
Click on the following link for more information:
- MAS Media Release titled “MAS-led Industry Consortium Releases Toolkit for Responsible Use of AI in the Financial Sector” (available on the MAS website at www.mas.gov.sg)
