EC welcomed the final assessment list for trustworthy artificial intelligence, which was developed by the high-level expert group on artificial intelligence and puts into practice the ethics guidelines developed over a couple of years. The assessment list will serve as an ethics checklist for businesses and organizations to self-assess their adherence to the guidelines and receive guidance for improvement. EC also published a summary report, along with the individual contributions, on the results of its consultation on whitepaper on artificial intelligence. The consultation received over 1,250 replies from the 27 member states and other countries. A regulatory proposal will be presented on this after an in-depth analysis of the consultation results as well as a detailed impact assessment.
The whitepaper on artificial intelligence was published on February 19, 2020, along with an online survey, and the paper focused on three topics:
- Specific actions for the support, development, and uptake of artificial intelligence across the EU economy and public administration
- Options for a future regulatory framework on artificial intelligence
- Safety and liability aspects of artificial intelligence
The concept of "trustworthy artificial intelligence" is based on seven key requirements—human agency and oversight; technical robustness and safety; privacy and data governance; transparency; diversity, non-discrimination, and fairness; environmental and societal well-being; and accountability. The assessment list for trustworthy artificial intelligence, or ALTAI, is the first instrument that translates artificial intelligence principles into an accessible and dynamic checklist that developers and deployers of artificial intelligence can use. This list will help to ensure that users benefit from artificial intelligence without being exposed to the unnecessary risks. The assessment list has been revised following a piloting process that involved more than 350 stakeholders. The list is available in a document version and as a prototype of a web-based tool.
- News Release
- Assessment List (PDF)
- Results of Consultation on Whitepaper
- Contents of Consultation
- Policy on Artificial Intelligence
Keywords: Europe, EU, Banking, Insurance, Securities, Artificial Intelligence, ALTAI, Data Governance, Regtech, Fintech, EC
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FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
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