3.112Institutions 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. Institutions should:
a.Ensure that Customers are informed of products and/or services that utilise Big Data Analytics and AI and the associated risks and limitations of the technology, prior to providing the service or each time Customers interact with the service (e.g. in the case of a Customer-facing service);
b.Explain how to use the Big Data Analytics and AI Application to Customers and ensure Customers always have easy access to the instructions; and
c.Provide clear explanations of the types of Data, types of variables and decision-making process used by Big Data Analytics and AI Applications upon Customers’ requests. To avoid doubt, clear explanations do not require exposure of Institutions intellectual property, publishing of proprietary source code or details on firms’ internal processes.
3.113Institutions should obtain each Customer’s acceptance of the risks associated with the use of Big Data Analytics and AI prior to providing the service.
3.114Institutions should put in place a mechanism for Customers to raise inquiries about Big Data Analytics and AI Applications and request reviews of decisions made by Big Data Analytics and AI Applications.