Toronto Metropolitan University (TMU) recently profiled some of the excellent work being done by TMU professor and GRI Senior Research Associate Alexey Rubtsov on the responsible use of AI in financial institutions. GRI partnered with OSFI to produce A Canadian Perspective on Responsible Al, which establishes the EDGE principles (explainability, data, governance and ethics) for AI adoption in financial services.
Rubtsov discusses data bias as a key risk of AI implementation: “If an algorithm is biased against females, for example, then females will be disadvantaged and will not be able to get loans to get an education, start a business, buy a car…” He goes on to suggest that if AI algorithms are easily explainable, then decision-makers in the financial services can better understand and manage the outputs, and maintain trust with customers and regulators.
You can read the full article here https://www.torontomu.ca/science/news-events/2023/06/steering-ethical-use-of-ai-in-canada-s-financial-sector/