Accenture partners with MAS for the Veritas initiative

Tuesday 13 July 2021 10:03 CET | News

Ireland-based Accenture has announced its collaboration with the Monetary Authority of Singapore (MAS) to lead and facilitate Phase 2 of the Veritas initiative.

The purpose of the initiative is to drive greater adoption of responsible Artificial Intelligence (AI) in the digital economy. The collaboration with MAS will see Accenture work with the regulatory body and a consortium of 18 banks, insurers, and seven advisory companies to support the responsible use of AI in the Financial Services Industry (FSI). 

In working with MAS, Accenture will provide its industry and technological expertise to help build a trusted environment for AI adoption within the financial sector in Singapore. Accenture will also work with partners to implement the defined framework on industry use cases in banking and insurance. The solution prototypes are published as guides for financial services companies looking to apply the framework to their organisation.

Introduced in 2019 as part of Singapore’s National AI Strategy, the Veritas Initiative aims to enable financial institutions to evaluate their Artificial Intelligence and Data Analytics (AIDA) implementations against the principles of fairness, ethics, accountability, and transparency (FEAT). As part of this collaboration, Accenture will work with industry partners to lead the FEAT assessment workstreams to expand on the existing framework and operationalise the FEAT principles.

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Keywords: partnership, Monetary Authority of Singapore (MAS), artificial intelligence, data analytics
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Singapore
This article is part of category

Securing Transactions