20 December 2018
On 12 November 2018, the Monetary Authority of Singapore (“MAS”) released the “Principles to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of Artificial Intelligence and Data Analytics in Singapore’s Financial Sector” (“FEAT Principles”).
The FEAT Principles are aimed at:
- giving firms which provide financial products and services a set of foundational principles to consider when using artificial intelligence and data analytics (“AIDA”) in decision-making;
- assisting firms in contextualising and operationalising governance of use of AIDA in their own business models and structures; and
- promoting public confidence and trust in the use of AIDA.
The document sets out 14 principles (“Principles”) for firms to consider when assessing existing or developing new internal frameworks to govern the use of AIDA. These Principles are organised into the following categories: fairness, ethics, accountability and transparency. Illustrations on how the Principles may be applied in practice are also provided.
The FEAT Principles are complemented by the Personal Data Protection Commission’s “Discussion Paper on Artificial Intelligence and Personal Data” (published on 5 June 2018), which provides guidance on areas such as organisational governance and data management.
In developing the FEAT Principles, MAS engaged key industry stakeholders through the Fairness, Ethics, Accountability and Transparency (FEAT) Committee, and also consulted financial institutions and companies.
The following materials are available on the MAS website www.mas.gov.sg:
- Media release: MAS introduces new FEAT Principles to promote responsible use of AI and data analytics
- Annex A: Summary of the FEAT Principles
- Principles to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of Artificial Intelligence and Data Analytics in Singapore’s Financial Sector