Ethics is the main area of concern for the public facing decisions made by AI-driven models and this issue needs a high level of focus and skills that actuaries can provide.
Very often AI models take over decisions and can have strong bias with a dramatic impact on organisations both in financial and reputation terms, as well as on individuals.
Developing a good or best practice framework for governing and managing the risks associated with the use of new AI and data-driven techniques by the financial services industry will be one of the areas of focus for this working party.
