What Singapore MAS Veritas Framework - Fairness, Ethics, Accountability and Transparency Assessment for Financial Services AI requires
The Monetary Authority of Singapore (MAS) Veritas initiative is a voluntary industry framework providing financial institutions with a methodology for assessing and demonstrating responsible AI in financial services under the MAS Principles to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of Artificial Intelligence and Data Analytics in Singapore's Financial Sector (2018); the Veritas framework operationalises FEAT principles through technical assessment toolkits and industry validation exercises; the Veritas Fairness Assessment Methodology Document (FAMD) provides specific quantitative fairness metrics for assessing whether AI/data analytics models used in credit scoring, insurance underwriting, and customer marketing generate discriminatory outcomes; Veritas Phase 1 (2021) validated fairness assessment methodologies for consumer credit scoring and insurance underwriting; Veritas Phase 2 (2022) extended to customer marketing and other financial services AI use cases; Veritas Phase 3 continues to develop assessment standards for emerging AI use cases including generative AI in financial services; the Veritas toolkit enables financial institutions to: define protected attributes relevant to their regulatory and business context; select appropriate fairness metrics (individual fairness, group fairness, counterfactual fairness); measure disparity in AI model outputs across protected groups; compare disparities against defined fairness thresholds; generate audit-ready fairness assessment reports; compliance with Veritas does not create a legal safe harbour under MAS regulations but demonstrates due diligence for FEAT principle compliance; financial institutions supervised by MAS are expected to have governance processes addressing the FEAT principles across their AI and data analytics use cases.
Pillar: AI Governance & Law · Authority: Monetary Authority of Singapore · Version: 1.0.0 · Last updated:
Primary source: https://www.mas.gov.sg
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Primary Citations — 5 traced to source
- MAS - Principles to Promote Fairness, Ethics, Accountability and Transparency (FEAT) in the Use of AI and Data Analytics (2018)
- MAS Veritas Phase 1 - Fairness Assessment Methodology Document for Credit Scoring and Insurance Underwriting (2021)
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