SAS Integrates Viya Platform With Veritas Toolkit
- By DSAITrends editors
- November 01, 2022
SAS Institute last week announced its collaboration with the Veritas consortium to integrate and operationalize the Veritas toolkit with the SAS Viya platform to improve trustworthy AI adoption in the financial services sector in Singapore. SAS Viya is a cloud native AI, analytic, and data management platform.
According to SAS Institute, the integration of SAS Viya analytics lifecycle framework with the Veritas toolkit makes it possible to assess fairness in analytical models by leveraging the out-of-the-box natural language generation and workflow capability in SAS Viya.
It is understood that the SAS Viya framework extends beyond the fairness principle to other areas of AI governance including explainability, auditability, accountability, and transparency.
AI in financial services
The Veritas Consortium is led by the Monetary Authority of Singapore (MAS) and is a multi-phased collaborative project with the financial industry. Members of the Veritas Consortium hail from the financial sector and tech giants, with the latter including firms such as Accenture, IBM, and Microsoft.
Earlier this year, the Veritas Consortium released five white papers to guide the responsible use of AI by financial institutions. The white papers outline methodologies for the incorporation of FEAT principles, which are Fairness, Ethics, Accountability, and Transparency; also released at the same time is an open-source toolkit designed to help financial institutions adopt it.
Reggie Townsend, the chief data ethics practice officer at SAS Institute pointed to the urgent need for regulatory frameworks to capitalize on the promise of AI while mitigating its risks.
“The need for regulatory frameworks is not only important but urgent in these times. Both technology providers and regulators have a critical role to play to ensure that AI development is centered around people to ensure a positive impact on our society,” said Townsend.
SAS Institute says it aims to support the Singapore National AI Strategy of increasing productivity through the adoption of AI and ensuring its benefits to businesses, create new jobs through increased AI innovation activities, and increase societal acceptance and trust of AI and analytics within the financial community through sound AI governance.
“As a country, Singapore is making great strides in innovating its financial and fintech industries. We are honored to support MAS in implementing its AI strategy and achieving its vision to be a leader in deploying scalable, impactful AI solutions,” said Lim Hsin Yin, the managing director of SAS Institute Singapore.
“We see this work as being very beneficial for financial institutions, given that regulatory and audit reports require both accuracy and timeliness in submissions,” he said.
Image credit: iStockphoto/Nuthawut Somsuk