The Monetary Authority of Singapore (MAS) has released a set of principles to promote fairness, ethics, accountability and transparency (FEAT) in the use of artificial intelligence 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. This will 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.
MAS has worked closely with a group of senior industry partners through a FEAT Committee in developing the principles, which also incorporate views and feedback from financial institutions, industry associations, fintech firms, technology providers and academia. The committee is co-chaired by MAS chief data officer Dr David Hardoon and Hsieh Fu Hua, co-founder and advisor, PrimePartners. Hardoon said the FEAT Principles lay the foundation for a thriving AI and data analytics ecosystem. As the financial industry harnesses the potential of AI and data analytics on an increasing scale, there is need to be cognizant of using these technologies in a responsible and ethical manner, he added.
Hua said the FEAT Principles will be very useful as the financial industry continues to innovate. 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, he added.
