Financial institutions in India have unanswered questions about AI governance that need attention
It requires risk-based model-tiering so that governance intensity is calibrated to the potential impact of each system. It requires independent validation of all models, including those sourced from third-party vendors, regardless of assurances from vendors. It also requires specific controls for AI systems, covering explainability thresholds, hallucination mitigation, bias assessment and red-teaming to catch failures.
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