28 July 2023

On 26 June 2023, the Monetary Authority of Singapore (“MAS”) issued a press release announcing the release of Veritas Toolkit version 2.0, an open-source toolkit developed by an MAS-led consortium of 31 industry players to enable the responsible use of artificial intelligence (“AI”) in the financial industry. Veritas Toolkit version 2.0 is aimed at helping financial institutions (“FIs”) carry out the assessment methodologies for the Fairness, Ethics, Accountability and Transparency (“FEAT”) principles. The FEAT principles provide guidance to firms offering financial products and services on the responsible use of AI and data analytics.

Veritas Toolkit version 1.0, which was released in February 2022, focused on the assessment methodology for Fairness. Veritas Toolkit version 2.0 has an improved Fairness assessment methodology and includes assessment methodologies for Ethics, Accountability, and Transparency.

The consortium also published a white paper detailing the key lessons learnt by the seven FIs which piloted the integration of Veritas methodology with their internal governance framework. These include the importance of having:

  • a consistent and robust responsible AI framework that spans geographies;
  • a risk-based approach to determine the governance required for the AI use cases; and
  • responsible AI practices and training for the new generation of AI professionals in the financial sector.

The press release also explains the additional use cases developed by the consortium to illustrate the application of the Veritas methodology.

In the coming years, the consortium will focus on training in responsible AI and facilitate more FIs’ adoption of the Veritas methodologies and toolkit. MAS has also worked with some AI solution providers to integrate the toolkit with their AI solutions so that they can better serve their financial sector customers. The press release states that consortium will work closely with these industry players to build the Veritas open-source developer community and train more responsible AI talents.

Reference materials

The following materials are available on the MAS website www.mas.gov.sg: