PRINCIPLES TO PROMOTE FAIRNESS, ETHICS, ACCOUNTABILITY AND TRANSPARENCY IN THE USE OF ARTIFICIAL INTELLIGENCE AND DATA ANALYTICS IN SINGAPORE'S FINANCIAL SECTOR

Start date :2018

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Description :

The FEAT Principles document contains a set of generally accepted Principles for the use of artificial intelligence and data analytics in decision-making in the provision of financial products and services.

Objectives:

To provide firms providing financial products and services with a set of foundational principles to consider when using AI and data analytics in decision-making.
To assist firms in contextualising and operationalising governance of use of AI and data analytics in their own business models and structures.
To promote public confidence and trust in the use of AI and data analytics.

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Type : Emerging AI-related regulation
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Country : Singapore
Role of government : Risk mitigation (e.g. consumer and social protection)
Challenge(s) addressed : Risks to fairness (e.g. non-discrimination, gender equality, fairness and diversity)
Type(s) of regulation : Self-regulation (e.g. codes of conduct, guidelines, standards)
Regulatory approach : Performance or output-based regulation (e.g. safety thresholds, principle-based legislation)
Level of governance : National
Approach to monitor compliance : Regulated parties are incentivised to adopt monitoring technology that is not managed by the regulator

Last updated : Jul 5, 2024