Trustworthy Use of Artificial Intelligence in Finance: Regulatory Perspectives from Asia Pacific
The digital evolution of the financial services (FS) industry is heavily reliant on having quality information and analytics to deliver services to customers and manage operations in an efficient and risk-appropriate manner. With developments in Artificial Intelligence (AI) transforming the information processing and data analytics landscape, and opening up potential benefits, such as business process simplification, cost reduction, efficiency improvements and enhanced customer engagement, many FS firms have become early adopters of AI.
Building and operationalising a trustworthy AI framework within an FS firm takes time and effort, however the benefits can be significant. While regulators around the globe encourage and support innovation in the FS sector, questions have been raised on whether AI has been used in an ethical and trustworthy way for customers and our society.
In this report, we explore the principles underpinning ethical use of AI issued by regulators and governments in the Asia Pacific region, and what FS firms need to consider when developing their own ‘trustworthy AI framework’. In addition, we examine the key elements of the Deloitte Trustworthy AI Framework, which provides FS firms in the region with a framework to implement a systemic and comprehensive solution to mitigate legal and regulatory risks, while meeting evolving customer needs.
Published: October 2022