Building Interpretable AI Models: A Model Risk Management Challenge
by Ushasi Sengupta & Sanjukta Dhar
A featured article of our April 2021 edition of PRMIA's Intelligent Risk quarterly newsletter
Steered by demand for automation, efficiency, and personalization and availability of intense and diversified data, financial institutions have started leveraging AI across the value chain. An IDC spending guide says that global spending on artificial intelligence (AI) is going to double over the next four years, reaching more than $110 billion in 2024. Not just in financial decision making, AI models are present across different touchpoints - customer acquisition, detection of fraudulent transactions, emotional analytics, and leveraging alternate (Alt-data) datasets associated with financial transactions. As organizations are adopting AI rapidly in various ways, the demand for nimble decisions and accuracy in machine driven complex decision-making is also growing. So does usage of black box AI systems.
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