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Big Data Analytics and Artificial Intelligence (AI)

  1. 2.25Governance: Institutions should establish an approved and documented governance framework for effective decision-making and proper management and control of risks arising from the use of Big Data Analytics and AI.
  2. 2.26Accountability: The Governing Body and Senior Management of the Institution should remain accountable for the outcomes and decisions of their Big Data Analytics and AI Applications including those Applications that make decisions on behalf of the Institutions.
  3. 2.27Design: Institutions should ensure that the models for their material Big Data Analytics and AI Applications are reliable, transparent, and explainable, commensurate with the materiality of those Applications.
  4. 2.28Management and Monitoring: Institutions should establish an approved and documented framework to review the reliability, fairness, accuracy and relevance of the algorithms, models and Data used prior to deployment of a material Big Data Analytics and AI Application and on a periodic basis after deployment, to verify that the models are behaving as designed and intended.
  5. 2.29Ethics: Institutions should ensure that their Big Data Analytics and AI Applications promote fair treatment, produce objective, consistent, ethical, and fair outcomes and are aligned with the Institutions’ ethical standards, values and codes of conduct.
  6. 2.30Customer protection: Institutions should be transparent with Customers about their use of Big Data Analytics and AI through their conduct and through accurate, understandable, and accessible plain language disclosure.