BERKMAN KLEIN CENTER AIDA PROFESSIONAL
“If one obtains data on the professional white-collar workforce from the 1940s to the 1970s into an artificial intelligence system to predict which demographics of individuals would be the most successful candidates for the white collar occupations, the suggestion would probably be white males of a certain age.
Such latent biases can be observed from the following example: To counter these risks, it is essential to identify the context of the data used and to understand how this data is relevant to the end product.Ĭontext is of particular importance because the latent biases mentioned above can hamper the ability of the system to process data. It follows that AIDA technology is limited both by latent biases in the data and by the algorithmic perpetuation of the data.
The effectiveness of artificial intelligence is fundamentally based on the data it analyzes. In a research study of 36 guidelines on ethics and principles of artificial intelligence, the team at the Berkman Klein Center found that the topic of “fairness and non-discrimination” featured in all guidelines studied, the Monetary Authority of Singapore (“ MAS») FEAT principles being one of them. In response to the plethora of risks associated with adopting AIDA in finance, regulators around the world have developed their own guidelines to address what they identify as the main categories of risk. The adoption of AIDA by financial services institutions (“ ISP”) Has been observed in areas involving the automation of internal processes and risk management, in the form of credit scoring and fraud detection. AIDA removes human decision-making as a variable and replaces it with a data-driven approach.
BERKMAN KLEIN CENTER AIDA UPDATE
This article provides an update on Singapore’s equity framework for the adoption of artificial intelligence in finance.Īrtificial intelligence and data analysis (“ AIDA”) Technology is increasingly used for its ability to optimize decision-making processes. Following the conclusion of the first phase of the Veritas initiative on January 6, 2021, the Veritas consortium (the “ Consortium“) Has published two white papers detailing fairness, ethics, accountability and transparency (“ FEAT“) Equity Assessment Methodology (the” Methodology”) And its application in both use cases.
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