How Financial Institutions can Limit Bias in AI

In February the President signed an executive order called the American AI Initiative to help the U.S. become a leader in artificial intelligence; the goal of his order is to guide research and development, federal resources, workforce training, and standards for the ethical use of artificial intelligence; writing in TearSheet Sanjay Srivastava, Chief Digital Officer at Genpact, talks about how financial firms can limit the potential for bias in algorithms; 66 percent of Americans are worried that AI will enforce bias; companies need to look at what data they are using, biased data will only lead to biased decisions; better training can also help to limit bias, the better tested and trained tools are the better they will function correctly; the best way to fight bias is with diversity in data sets and diversity within teams; Source.