Regulatory Alerts2019-11-01
Added · Updated
High-level Principles on Artificial Intelligence
The Hong Kong Monetary Authority issued high-level principles to guide authorized institutions in managing the risks associated with adopting artificial intelligence applications. The framework mandates robust governance, requiring board accountability, sufficient technical expertise, data quality assurance, model validation, and ethical transparency throughout the AI lifecycle. Banks must also implement ongoing monitoring, strict cybersecurity measures, and contingency plans to mitigate unintended outcomes and ensure compliance with data protection regulations.
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