For companies, the upshot of The initiative has, among other being responsible by design is achievements, produced a practical an improved ability to meet future methodology and toolkit—the first of requirements, better mitigate risks its kind—that offers detailed guidance and create sustainable value for on how to use AI leveraging the FEAT themselves and their stakeholders. principles, i.e. fair, ethical, accountable Even though only 6% and transparent. For instance, the Monetary of the companies surveyed Authority of Singapore (MAS), the Novartis is creating effective country’s central bank and financial accountability mechanisms and risk- had already implemented regulator, recognized the benefits that AI management controls to keep AI-powered can provide to financial firms. Yet MAS was operations and services aligned with the responsible AI practices, 42% also wary of the threat posed to firms and company’s core values. In addition, notes markets by the illegal and/or unethical use Klaus Moosmayer, Novartis’ Chief Ethics, of surveyed companies aspire of AI. To guard against this, MAS helped Risk and Compliance Officer, it’s designed to do so by the end of 2024. launch the Veritas initiative together to, “provide ... a clear framework for with the financial industry, which aims to ethical use of AI—enabling [employees] to support the responsible use of AI in the challenge their own decisions finance industry. 7 and biases.” The art of AI maturity—Advancing from practice to performance 26