The Institute - September 2021 - 61

A Guide to Responsible
AI in Finance
" Trusted Data and Artificial Intelligence
Systems for Financial Services. " The
authors of the playbook want to ensure
that those involved in developing the
technologies are not neglecting human
well-being and ethical considerations.
More than 50 representatives from
major banks, credit unions, pension
funds, and legal and compliance groups
provided input, as did AI experts from
academia and technology companies.
The playbook includes a road map
to help organizations develop their
systems. To provide a theoretical
framework, the document incorporates
IEEE's " Ethically Aligned Design "
report, the IEEE 7000 series of AI
standards and projects (see below), and
the Ethics Certification Program for
Autonomous and Intelligent Systems.
The playbook has two sections, a
road map for how to build trusted AI
systems and resources from experts.
The road map helps organizations
identify where they are in the process
of adopting responsible ethically
aligned design: early, developing,
advanced, or mature stage.
This section also outlines 20 ways
trusted data and AI can provide value
to operating units within a financial
organization. Called use cases, these
examples include cybersecurity,
loan and deposit pricing, improving
operational efficiency, and talent
acquisition. Graphs break down potential
ethical concerns for each use case.
The key resources section
includes best practices, educational
videos, guidelines, and reports on
codes of conduct, ethical challenges,
building bots responsibly, and other
topics. Also included is a report on
the impact the coronavirus pandemic
has had on the financial services
industry. Supplemental information
includes a list of 84 documents on
ethical guidelines.
AI Standards
and Projects in
the Works
The IEEE Standards
Association's IEEE Global
Initiative for Ethical
Considerations in Artificial
Intelligence and Autonomous
Systems program aims to
align the creation of AI and
AS with the values of its users
and society.
To support this effort, IEEE
SA has developed the IEEE
7000 series of AI standards
and projects. Here is a
selection of them:
IEEE Std. 7010-2020 Recommended Practice for Assessing the Impact of
Autonomous and Intelligent Systems on Human Well-Being
IEEE P7000
IEEE P7001
IEEE P7002
IEEE P7003
IEEE P7005
IEEE P7006
IEEE P7011
IEEE P7012
Model Process for Addressing Ethical Concerns During
System Design
Transparency of Autonomous Systems
Data Privacy Process
Algorithmic Bias Considerations
Standard on Employer Data Governance
Standard on Personal Data AI Agent Working Group
Standard for the Process of Identifying and Rating the
Trust-worthiness of News Sources
Standard for Machine Readable Personal Privacy Terms
Illustration by Dan Page

The Institute - September 2021

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