How Banks and Insurers Are Quantifying Fairness
With the rise of artificial intelligence and algorithmic decisions, financial regulators around the world have been considering how banks and insurers can practically manage the risk of unfair bias and discrimination in their core decision-making. The Singapore financial regulator, MAS, has been one of the most pro-active, forming the Veritas initiative to define best practices. They recently released a white paper and sample calculations on suggested best practices for detecting and reducing unfair bias in lending and marketing use cases, with insurance use cases to come soon.
Now that one regulator has taken the initiative, you can expect other country’s financial regulators will follow soon. Are you ready for regulatory scrutiny about unfair bias? Are you ready for consumer and shareholder scrutiny about your governance of unfair bias?
In this seminar you will learn:
- How undetected unfair bias can hide in your data and your models
- The many ways that unfair bias can be defined and measured
- Where the Veritas recommendations fit into the unfair bias landscape
- How banks and insurers can take control by defining their own values and managing their AI systems
- How the right tools turn unfair bias management into a business-as-usual process