Highlights:
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Advai collaborates with FCA on groundbreaking AI Live Testing programme.
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This is the first initiative of its kind dedicated to responsible and safe AI specifically within the financial services sector.
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Advai to shape best practices for safe and responsible AI deployment.
Advai LTD (“Advai” or the “Company”), a leader in simple adoption of safe and secure Artificial Intelligence, is pleased to announce its collaboration with the Financial Conduct Authority (“FCA”). Advai is the technical assurance partner for the FCA’s pioneering AI Live Testing programme.
AI Live Testing is a first-of-its-kind initiative in the sector led by the FCA to explore what best practice could look like for deploying AI safely and responsibly in UK financial services. As UK banks set to more than double their use of AI over the next three years1, the programme aims to build trust, reduce risk, and accelerate responsible innovation in hands-on, real-world AI deployments. It is believed to be the first effort of its kind globally in the financial services sector.
UK financial institutions applied to take part in the programme, with 52 applications received. Following a competitive selection process, a group of leading firms were selected to join the first cohort. The programme will run for approximately 12 months, during which participants, the FCA and Advai will collaborate to understand how AI performs in live market contexts.
In its pivotal role, Advai will be instrumental in shaping the future of responsible AI in financial services by:
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Unpacking current AI practices: Gaining deep insights into how firms are currently developing, testing, and deploying AI systems.
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Identifying strengths and challenges: Pinpointing effective assurance methodologies and uncovering key hurdles in existing practices.
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Forging best practices: Championing the sharing of successful approaches and collaboratively defining what 'good' and safe and responsible AI looks like in real-world application.
Advai is a leader in developing foundational technology used for testing, evaluation and assurance of AI systems, helping translate technical AI Safety and Security findings into actionable insights for both FCA and industry.
David Sully, CEO & Co-Founder of Advai, commented:
“The FCA and financial firms recognise that AI has the potential to transform the finance industry, improving productivity and bringing significant benefits to the UK. The FCA’s AI Live Testing is a pioneering approach that allows firms to explore real-world AI use cases responsibly, to help firms turn that ambition into faster, fairer, more reliable services for customers and the market. As a leader in the field of AI Testing, we’re delighted that Advai has been selected to be working with the FCA.”
Ed Towers, Head of Advanced Analytics and Data Science at the FCA, commented:
“Our new AI Live Testing service helps firms who are ready to use AI in live markets. Through this collaboration with Advai, firms will gain technical and regulatory support to develop, evaluate and deploy safe and responsible AI in UK financial markets.”