MAS-led Industry Consortium Releases Toolkit for Responsible Use of AI in the Financial Sector

The Monetary Authority of Singapore, MAS, has published a press release to announce the release of a second version of the Veritas Toolkit which may be found via this link. Veritas is an open-source software developed by a MAS-led consortium consisting of 31 industry players that is designed to facilitate the responsible use of Artificial Intelligence (AI) in the financial industry. Specifically, it aims to support firms in their assessment and application of the Fairness, Ethics, Accountability and Transparency (FEAT) principles when providing financial products and services and using Artificial Intelligence and Data Analytics (AIDA) in their business operations.
Version 2.0 of the Veritas Toolkit builds upon the previous version released in February 2022, which focused solely on fairness assessment methodologies. According to MAS, the new version not only includes an improved fairness assessment methodology, but also incorporates assessment methodologies for ethics, accountability, and transparency.
In addition to the Veritas Toolkit, the consortium also published a white paper that highlights the key lessons learned from seven financial institutions, including BNY Mellon, DBS, HSBC, OCBC, Singapore Life Ltd., Standard Chartered Bank, and UOB, that took part in a pilot scheme integrating the Veritas methodology into ones own internal governance frameworks. The consortium also developed additional use cases to demonstrate the practical application of the Veritas methodology.
MAS concludes by pointing out that the consortium will concentrate on training and toolkit adoption in the near future. Additionally, it hopes to grow the Veritas open-source developer community and educate more ethical AI professionals while collaborating with solution providers like IBM and SAS to integrate the toolkit into their AI solutions for financial industry customers.