Economic TimesLean R·
Can India govern AI it does not own?
The recently released Guidance on Regulatory Principles for Model Risk Management by RBI is a concrete step towards AI governance in the banking & finance sector. The guidelines set out how entities should govern not only AI models, but any predictive system used for decision making. The guidelines put accountability squarely on businesses through an entity specific model risk management framework (MRMF) that would hold businesses accountable even for 3rd party models.While such guidance wa…
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