Singapore: MAS publishes toolkit for assessment of AI by financial institutions
On June 26, 2023, the Monetary Authority of Singapore (MAS) announced the publication of the Veritas Toolkit 2.0 (the Toolkit), a toolkit for the responsible use of artificial intelligence (AI) in the financial sector. In particular, the MAS highlighted that the Toolkit will help financial institutions carry out assessments in line with the fairness, ethics, accountability, and transparency principles. The Toolkit was developed in collaboration with financial organizations including, among others, BNY Mellon, HSBC, and Standard Chartered Bank, outlining the importance of having:
- a consistent and robust responsible AI framework that spans geographies;
- a risk-based approach to determine the governance required for AI use cases; and
- responsible AI practices and training for the new generation of AI professionals in the financial sector.