ABBYY Supports Non-Profit ForHumanity to Develop Independent AI Audit Systems
ABBYY Supports Non-Profit ForHumanity to Develop Independent AI Audit Systems
Will present how financial services organizations can meet compliance requirements at ABBYY AI Summit
ABBYY has announced its support of non-profit public charity ForHumanity to assist financial services organizations in meeting new regulations on the use of artificial intelligence (AI). ABBYY will be a co-leader of a working group focused on establishing audit criteria for using Artificial Intelligence, Algorithmic and Autonomous systems (AAA), and will share how financial services organizations can operationalize trustworthy AI using process intelligence at the ABBYY AI Summit being held May 15 at Emirates Stadium, London, UK.
This is in response to the EU AI Act and US AI Executive Order that have set in motion regulations governing the ethics, bias, privacy, trust, and cybersecurity of AAA systems that will require global organizations to affirm compliance.
ForHumanity’s mission is to make AI safe for society, support government and regulatory agencies, and to manage risk associated with AAA systems. These systems include AI that has the ability to analyse and interpret data, learn from experiences, and execute actions without constant human supervision. The new working group co-led by ABBYY will establish rules related to financial services Model Risk Management (SR11-7), Fair Housing and Fair Credit.
Specific to Model Risk Management[i], banking organizations must be attentive to the possible adverse consequences of decisions based on biased or misused AI models that can lead to financial loss, poor business and strategic decision-making, or damage to a banking organization’s reputation.
Ryan Carrier, Executive Director at ForHumanity
Upon completion of the development of the independent audit criteria, ForHumanity will submit the rules to the authority of the applicable regulatory bodies such as FINRA, the Federal Reserve Board, the U.S. Department of the Treasury, and the Office of the Comptroller of the Currency and other jurisdictions such as Canada's Office of the Superintendent of Financial Institutions, the Financial Conduct Authority, and the European Central Bank.
Andrew Pery, certified by ForHumanity in the independent audit of AI systems for the EU Artificial Intelligence Act and AI Ethics Evangelist at ABBYY.
