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.

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Original Posting: https://www.govtech.com/computing/u-s-house-mulls-ethical-ai-frameworks-for-financial-sector