The adoption of AIDA by Financial Services Institutions (“ FSI”) has been observed in areas involving internal-process automation 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. This article provides an update on Singapore’s fairness framework for the adoption of artificial intelligence in finance.Īrtificial intelligence and data analytics (“ AIDA”) technology is increasingly employed for its ability to optimise decision-making processes. Private Clients, Family Offices and Wealth Managementįollowing the conclusion of Phase One of the Veritas initiative, on 6 January 2021, the Veritas Consortium (the “ Consortium”) published two whitepapers detailing the Fairness, Ethics, Accountability and Transparency (“ FEAT”) fairness assessment methodology (the “ Methodology”) and its application in the two use cases. Intellectual Property, Media and Technology.Blockchain, Cryptocurrency and Initial Coin Offerings.Workforce Restructuring and Termination of Employment.Corporate Governance, Compliance and Regulatory.
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