AI in Financial Services – What are the Rules?
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Implicit Bias in Machine Learning Let’s step back a moment for a quick primer into how implicit bias has apparently crept into financial risk assessment models. First, machine learning (ML) is an applied form of AI. The term originated to describe the practice of how the machine learns to associate X with Y.
A Call for Governance The wild, wild West analogy here refers to a lack of selfagency and policing which leads to an “anything goes” type of environment. Even in an industry as tightly regulated as financial services,
What’s Next? The RFI will likely not probe deeply enough on how financial firms are flagging transactions to alert compliance officers to potential fraud and money-laundering schemes. Nor will they likely be able to elucidate how firms are analyzing unstructured data to obtain insights alerting them to suspected instances of market abuse. The goal is a better understanding of and rules governing how AI and ML should be applied to alert compliance officers to suspected market abuse.
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