OCT 14, 2021 | US
US House Mulls Ethical AI Frameworks for Financial Sector
Government Technology, October 14, 2021
By Jule Pattison-Gordon
The US House Committee on Financial Services held a hearing Wednesday to examine the risks of harmful artificial intelligence application in the financial services space and examine what regulatory frameworks could keep AI from perpetuating existing discriminatory trends or introducing new ones. The technology is already actively at play in the industry, and questions remain over how government can best ensure its safe, ethical use.
Aaron Cooper, vice president for global policy at industry advocacy group BSA — also known as The Software Alliance, said companies need to examine AI for potential unexpected consequences and discriminatory effects at various points throughout the design and deployment process. That includes clearly laying out what the AI is expected to do, what data it will consider and what historical biases may be present in the data sets, as well as how the model was tested.
BSA | The Software Alliance (www.bsa.org) is the leading advocate for the global software industry before governments and in the international marketplace. Its members are among the world’s most innovative companies, creating software solutions that help businesses of all sizes in every part of the economy to modernize and grow.
With headquarters in Washington, DC, and operations in more than 30 countries, BSA pioneers compliance programs that promote legal software use and advocates for public policies that foster technology innovation and drive growth in the digital economy.