VerifyML recognized as leading solution for Responsible AI in the financial sector
SINGAPORE, Nov. 11, 2021 /PRNewswire/ -- VerifyML from Cylynx has won the award for the Risk, Compliance and Fraud Monitoring category at the 2021 Global Veritas Challenge, a competition held by the Monetary Authority of Singapore (MAS) to promote the development of solutions that validate the fairness of artificial intelligence and data analytics (AIDA) solutions for specific banking use cases.
VerifyML, is an open-source governance framework to build reliable and fair machine learning models. It enables business teams to flag out individuals or groups that may be systematically disadvantaged and set thresholds to avoid unintended bias in their models.
VerifyML consists of three parts:
Survey forms: Web forms to gather inputs and align stakeholders across product, data science, and compliance about model requirements.
Model cards: Machine learning documents that provide context and transparency into a model's development and performance.
Model reports: Automated documentation and alerts from model test results generated via Github Actions.
With its 3 components, VerifyML is a toolkit for teams to document findings and evolve along a model's development lifecycle. It improves model reliability, reduces unintended biases, and provides safeguards in a model deployment process, helping its users work towards the goal of fairness through awareness.
"Cylynx has created a human-centric framework to building machine learning models — one that considers social/business contexts, operations, and model performance collectively," said Timothy Lin, Co-Founder of Cylynx. "We feel there is a need for responsible AI in the financial sector and that a solution such as VerifyML allows institutions to adhere more easily to FEAT principles outlined by the MAS," he added.
"As a committed partner, Lynx Analytics is looking forward to helping Cylynx bring VerifyML to market and help financial institutions to adopt Responsible AI solutions," said Gyorgy Lajtai, CEO of Lynx Analytics.
The three winners of this competition were selected from a list of 74 submissions that came from six countries in Asia, North America and Europe.
Cylynx is a regulatory technology solution provider headquartered in Singapore. Leveraging the use of artificial intelligence in fraud and risk monitoring, Cylynx helps companies combat financial fraud and stay compliant. Find out more at https://www.cylynx.io/