Truera Selected to Co-Lead Key Working Group for Industry Consortium Addressing Responsible Use of AI in Financial Services

Tuesday, 16. March 2021 13:00

SINGAPORE, March 16, 2021 (GLOBE NEWSWIRE) -- Truera, which provides the first Model Intelligence platform for AI explainability and model quality, announced today that it has been selected to co-lead the workstream on transparency in the industry initiative on Responsible AI led by the Monetary Authority of Singapore (The Veritas Consortium).

Truera will be represented by Anupam Datta and Shameek Kundu. Datta - co-founder, president and chief scientist at Truera - is also a professor at Carnegie Mellon University, where over the past decade he has led groundbreaking research in the areas of AI explainability and governance as well as privacy and data protection. Datta is active in building the explainability and trustworthy AI community, and regularly gives expert talks, serves on conference organizing and program committees, and works with regulatory agencies on this topic. Datta obtained PhD and MS degrees from Stanford University and a BTech from the Indian Institute of Technology, Kharagpur, all in Computer Science.

Shameek Kundu is the Head of Financial Services and Chief Strategy Officer at Truera. Previously he was Chief Data Officer at Standard Chartered Bank, where he led the effort to adopt AI and advanced analytics in multiple areas, including credit and financial crime compliance. Kundu played an active role in drafting the Monetary Authority of Singapore's AI guidelines in 2018. He is a member of the Bank of England's AI Public-Private Forum and the OECD Global Partnership on AI.

The Veritas Consortium was established in 2019 to address implementation challenges in the responsible use of AI and data analytics at financial institutions. In Phase One (recently completed), Veritas explored the development of a fairness assessment methodology in credit risk scoring and customer marketing. In Phase Two, Veritas will look into developing the Ethics, Accountability and Transparency assessment methodology for the two use cases in Phase One. Phase Two will also include use cases for the insurance industry. Truera will co-lead the Transparency Working Group in Phase Two.

The consortium includes major global and regional banks (e.g., Citibank, DBS, Goldman Sachs, HSBC, Standard Chartered), insurers (e.g., Axa, Swiss Re, Prudential, Ping An) and technology firms (e.g., Accenture, Microsoft). The full list of members can be found here.

“Veritas is a collaborative effort among financial institutions, vendors, and the MAS to establish best practices and open source software to ensure fairness, ethics, accountability and transparency while adopting AI,” said Datta. “This work is absolutely critical, and we are honored to play a part in it.”

Truera, which launched in August 2020, has already made a significant impact in the AI space. The Truera platform is already deployed at and delivering value to a number of Fortune 100 customers, including global bank Standard Chartered. In December 2020, Truera announced a $12M funding round to help accelerate the go-to-market of its AI Model Intelligence Platform. In March 2021, the company was named to Fast Company’s Annual List of the World’s Most Innovative Companies for AI.

To learn more about the Veritas initiative, visit https://www.mas.gov.sg/schemes-and-initiatives/veritas. To learn more about Truera or schedule a demo, visit https://truera.com/.

About Truera
Truera provides the first Model Intelligence platform, to help enterprises analyze machine learning, improve and monitor model quality and build trust. Powered by enterprise-class Artificial Intelligence (AI) Explainability technology based on six years of research at Carnegie Mellon University, Truera’s platform helps eliminate the black box surrounding widely used AI and ML technologies. This visibility leads to higher quality, explainable models that sustainably achieve measurable business results, address unfair bias, and ensure governance and compliance. To learn more, visit https://truera.com/.

Media contact:
Michelle Faulkner
617-510-6998
michelle@big-swing.com


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