The Financial Services Commission (FSC) in Mauritius has released a Guidance on the Responsible Use of Artificial Intelligence (AI) in Financial Services (the Guidance). It covers insurance, wealth management, and non- banking financial institutions, and outlines principles that ensure the deployment of AI supports customer outcomes and upholds existing governance, risk management and internal control frameworks.
The Guidance notes that AI is increasingly being used across the industry and yields several benefits including in functions such as risk assessment and management, fraud detection, credit evaluation and high-frequency trading, among others.
Further, the Guidance aims to create awareness on AI, its potential use cases, benefits and risks. To mitigate these risks, the FSC provides nine key principles to provide guidance to these institutions on responsible and ethical AI use including: i) fairness and bias mitigation, ii) transparency, iii) accountability, iv) privacy, v) security, vi) environmental sustainability, vii) human centricity, viii) continuous monitoring and evaluation processes and ix) compliance and ethics.
The Guidance Note can be accessed here.
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