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Algorithm Integrity Matters: for Financial Services leaders, to enhance fairness and accuracy in data processing
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Article 22. Algorithm Integrity: Third party assurance
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Spoken by a human version of this article.
One question that comes up often is “How do we obtain assurance about third party products or services?”
Depending on the nature of the relationship, and what you need assurance for, this can vary widely.
This article attempts to lay out the options, considerations, and key steps to take.
TL;DR (TL;DL?)
- Third-party assurance for algorithm integrity varies based on the nature of the relationship and specific needs, with several options.
- Key factors to consider include the importance and risk level of the service/product, regulatory expectations, complexity, transparency, and frequency of updates.
- Standardised assurance frameworks for algorithm integrity are still emerging; adopt a risk-based approach, and consider sector-specific standards like CPS230(Australia).
About this podcast
A podcast for Financial Services leaders, where we discuss fairness and accuracy in the use of data, algorithms, and AI.
Hosted by Yusuf Moolla.
Produced by Risk Insights (riskinsights.com.au).
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