dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Technology

Veritas Initiative Addresses Implementation Challenges In The Responsible Use Of Artificial Intelligence And Data Analytics

  • January 7, 2021
Total
0
Shares
0
0
0

The Monetary Authority of Singapore (MAS) announced the successful conclusion of the first phase of the Veritas initiative which saw the development of the fairness assessment methodology in credit risk scoring and customer marketing. Veritas, which is a part of Singapore’s National AI Strategy, aims to provide financial institutions with a verifiable way to incorporate the FEAT (Fairness, Ethics, Accountability and Transparency) principles into their AIDA solutions. Please see MAS’  on 13 November 2019 for details on Veritas, on 12 November 2018 on FEAT and  on 28 May 2020 for details on the first phase of the Veritas initiative. These are the first two use cases to help financial institutions validate the fairness of their Artificial Intelligence and Data Analytics (AIDA) solutions according to the Fairness, Ethics, Accountability and Transparency (FEAT) principles. The Veritas Consortium,The Veritas consortium has 25 members. Please refer to on 28 May 2020 for the full list of members for Phase One of Veritas and the annex for the full list of members for Phase Two of Veritas. comprising MAS and industry partners, also published whitepapers on the fairness assessment methodology and the open source code of these two use cases.

The two whitepapers detailed a five-part methodology to assess the application of the FEAT fairness principles in the two use cases. The methodology addresses the implementation challenges in the responsible use of AIDA, and provides an actionable approach for financial institutions to validate their AIDA solutions. The open source code of the two use cases has been made publicly available to help the wider AIDA community in adopting the fairness assessment methodology and spur industry development. These will benefit customers by improving the fairness of financial services delivered by AIDA systems.

This development marks a milestone for the Veritas initiative and paves the way for the next phase of work. Phase Two will look into developing the Ethics, Accountability and Transparency assessment methodology for the two use cases in Phase One. Phase Two will also include use cases for the insurance industry.

For the insurance use cases, the Veritas consortium will focus on the fairness assessment methodology for predictive underwriting, and develop the ethics and accountability assessment methodology for fraud detection:

  • Fairness is a key consideration in the course of underwriting for insurance companies. The Veritas consortium will focus on enhancing the fairness assessment methodology applicable to the predictive underwriting for life and health insurance products.
  • Fraud detection and identification of suspicious customer claims are key activities in claims processing by insurance companies. Traditional fraud detection is resource intensive and insurance companies can employ AIDA to enhance their fraud detection capabilities and efficiency.

Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “Veritas Phase One enabled us to look into the fairness of artificial intelligence and data analytics systems in a more granular manner. It will improve the trustworthiness of AIDA significantly. We will continue our Veritas journey and aim to establish Singapore as a responsible artificial intelligence hub for the financial services in the near future.”


[1] Veritas, which is a part of Singapore’s National AI Strategy, aims to provide financial institutions with a verifiable way to incorporate the FEAT (Fairness, Ethics, Accountability and Transparency) principles into their AIDA solutions. Please see MAS’ media release on 13 November 2019 for details on Veritas, media release on 12 November 2018 on FEAT and media release on 28 May 2020 for details on the first phase of the Veritas initiative.

[2] The Veritas consortium has 25 members. Please refer to media release on 28 May 2020 for the full list of members for Phase One of Veritas and the annex for the full list of members for Phase Two of Veritas.

 

  • Annex List of Veritas Consortium Members Phase Two (110.5 KB)
  • Veritas Document 1 FEAT Fairness Principles Assessment Methodology (6.06 MB)
  • Veritas Document 2 FEAT Fairness Principles Assessment Case Studies (5.71 MB)

 

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • AIDA
  • Artificial Intelligence
  • Artificial Intelligence and Data Analytics
  • Fintech
  • MAS
  • Monetary Authority of Singapore
  • Veritas
  • Veritas Consortium
dotlah.com

Previous Article
  • Lah!
  • Science
  • Technology

Novel Film That Keeps Us Dry And Cool

  • January 6, 2021
View Post
Next Article
  • Lah!
  • Society
  • Technology

NTU Singapore Graduate Students To Provide Free Telehealth Monitoring Service For The Community

  • January 7, 2021
View Post
You May Also Like
View Post
  • Gears
  • Technology

Meet Samsung Galaxy Tab S11 Series: Packing Everything You Expect From a Premium Tablet

  • Dean Marc
  • September 4, 2025
View Post
  • Technology

Malaysia’s ‘ASEAN Shenzhen’ needs some significant legal reform to take off — here’s how

  • dotlah.com
  • August 25, 2025
View Post
  • Gears
  • Technology

Samsung Electronics Debuts Odyssey G7 Monitors, Showcasing Top Games on Its Displays at Gamescom 2025

  • Dean Marc
  • August 20, 2025
View Post
  • Artificial Intelligence
  • Technology

Thoughts on America’s AI Action Plan

  • Dean Marc
  • July 24, 2025
View Post
  • Technology

ESWIN Computing launches the EBC77 Series Single Board Computer with Ubuntu

  • dotlah.com
  • July 17, 2025
View Post
  • Gears
  • Technology

Samsung Galaxy Z Fold7: Raising the Bar for Smartphones

  • Dean Marc
  • July 9, 2025
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Technology

Apple services deliver powerful features and intelligent updates to users this autumn

  • Dean Marc
  • June 12, 2025


Trending
  • Craft | Art 1
    • Features
    • People
    Essence Of Elegance. A Guide To The Top Ingredients In Perfumery.
    • June 21, 2023
  • 2
    • Technology
    Why Data Is Key To Solving Asia’s Most Pressing Problems
    • July 15, 2021
  • Learning 3
    • Science
    3 Reasons We Use Graphic Novels To Teach Math And Physics
    • August 21, 2023
  • 4
    • Lah!
    SMU Lee Kong Chian School Of Business Ranked 8th Among Asia Business Schools In Financial Times’ EMBA Ranking 2020
    • October 28, 2020
  • usa how the electoral votes are distributed 5
    • Cities
    • Politics
    • World Events
    How The Electoral Votes Are Distributed
    • November 3, 2020
  • 6
    • Technology
    NUS Research Team Sets New Efficiency Record For Solar Cell Technology
    • January 24, 2022
  • Fashion. Fashion walk. 7
    • Cities
    • Features
    French Chic. An intro to Parisian Fashion.
    • May 10, 2024
  • 8
    • Technology
    Microsoft Singapore Allyship 2021
    • August 12, 2021
  • 9
    • Society
    Mandatory Stay-Home Notice For Work Pass Holders With Travel History To Mainland China
    • February 19, 2020
  • 10
    • Technology
    PUB Seeks To Boost Rainfall Forecasting Capabilities With Radar Technology
    • January 27, 2020
  • 11
    • Lah!
    NEA Urges Residents Living In Dengue Cluster Areas To Focus On 3 Easy Actions To Protect Themselves And Their Loved Ones Against Dengue
    • August 8, 2020
  • 12
    • Cities
    Millennial Millionaires Are Redefining What A Good Location Means In Real Estate
    • January 29, 2020
Trending
  • Smart Watch 1
    Best Smartwatches, Your Gateway to Health Monitoring and Everyday Use
    • October 5, 2025
  • Cooking pots and pans 2
    Best Pots and Pans 2025: All-Season, All-Purpose Picks for Every Kitchen
    • September 23, 2025
  • 3
    Politicians love comparing NZ’s economy to Singapore or Ireland – but it’s simplistic and misleading
    • September 21, 2025
  • Kitchen Knives - Best All-Around Picks in 2025 4
    Kitchen Knives : The Surgeons of Cooking – Best All-Around Picks in 2025
    • September 15, 2025
  • 5
    Apple unveils iPhone 17 Pro and iPhone 17 Pro Max, the most powerful and advanced Pro models ever
    • September 9, 2025
  • 6
    Apple debuts iPhone 17
    • September 9, 2025
  • Fruits and vegetables for cooking. For food processors. 7
    Food Processor: The Swiss Army Knife of the Kitchen – Best All-Around Picks in 2025
    • September 8, 2025
  • 8
    Meet Samsung Galaxy Tab S11 Series: Packing Everything You Expect From a Premium Tablet
    • September 4, 2025
  • 9
    Malaysia’s ‘ASEAN Shenzhen’ needs some significant legal reform to take off — here’s how
    • August 25, 2025
  • French Fries 10
    Air Fryer: The One Cooking Appliance to Rule Them All – Best All-Around Picks in 2025
    • August 22, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.