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  "documentTitle": "2024 Reinvention in the Age of Generative AI Executive Summary",
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  "notes": "The slide details the development of Ethics, Fairness, and Transparency assessment methodologies as part of the Veritas initiative.",
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      "text": "MAS has become the first regulator to publish a framework of this depth relating to FEAT, and its guidance gives FSIs the ability to move from principles to practice.",
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      "text": "Defining a new Ethics and Accountability Assessment Methodology to provide a framework for articulating ethical commitments, concepts of justice and principles.\nExtending and refining the Fairness Assessment Methodology, enabling FSIs to define their systems’ fairness objectives, identify attributes of individuals and bias and develop mitigation strategies.\nDefining a Transparency Assessment Methodology to help FSIs determine whether and how much transparency is needed to interpret machine learning models predictions.",
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      "text": "The Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority of Singapore, recognized the benefits AI provides to financial services institutions (FSIs). But it was also aware of the potential impact of unintended consequences from AI on the industry. These risks could include AI models incorrectly rejecting proportionally more people of a certain sex, race or religion for credit card applications, or people from a certain neighborhood being charged higher insurance premiums when the claims rates don’t justify it. MAS knew that as FSIs tackled these issues, they would face complex questions around ethics, accountability and transparency.",
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      "text": "As one of the first financial regulators to have a dedicated responsible AI program, MAS is enabling FSIs to evaluate their AI and data analytics solutions against the key principles of fairness, ethics, accountability and transparency (FEAT). MAS established and led Veritas, an industry consortium that now has more than 25 members, to increase the adoption of FEAT principles and enable FSIs and tech firms to enhance their governance around them. To ensure a holistic assessment of FEAT principles throughout the AI and data analytics software development lifecycle, the comprehensive checklist encompassed:",
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      "text": "The methodology has been tested against several use cases, such as: predictive underwriting, customer marketing or fraud detection. Veritas also introduced the first responsible AI toolkit for the financial industry – an open-source, extensible code with easy-to-use features and user-friendly interface, to support responsible AI assessment and adoption.\n\nMAS has become the first regulator to publish a framework of this depth relating to FEAT, and its guidance gives FSIs the ability to move from principles to practice, helping FSIs gain value from AI responsibility and building a fairer future to benefit billions of consumers worldwide.",
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