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Singapore: MAS reviews implementation of fairness principles in use of AI by financial institutions
The Monetary Authority of Singapore ('MAS') published, on 30 June 2022, its review paper on the implementation of the Fairness, Ethics, Accountability, and Transparency ('FEAT') principles in the use of artificial intelligence and machine learning ('AI/ML') by financial institutions. In particular, the paper analyses whether the policies and governance frameworks of certain financial institutions meet the fairness objectives under the FEAT principles and their implementation effectiveness in actual AI/ML use cases. Furthermore, the paper also sets out recommendations and good practices, including considering the scope and materiality of AI models and developing a calibrated approach to performing fairness assessments.
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