Session Details

Andrea Mitchell

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Lynn Woosley's other sessions:

The Future is Now: Ensuring AI & Machine Learning Improve Fairness Rather than Create Risk

  • Date:Monday, August 16
  • Time:10:00 AM - 10:55 AM
  • Session Type:Breakout
  • Session Code:FRB01

The banking industry’s increased adoption of artificial intelligence and machine learning models present a unique opportunity for banks to expand credit access and alter traditional reporting systems. However, embracing new data algorithms and non-traditional scoring models brings the risk of unintentional discrimination and potential regulatory burden. Is the trade-off of more accuracy but less fairness worth it? Hear from a panel of experts and practitioners on how your bank can successfully navigate data-driven lending.

In this session, you will learn:

* Why some banks are unintentionally exposed to UDAAP, steering and redlining risk with adoption of AI and machine learning models;

* Best practices for incorporating new data and harnessing AI to expand credit; and

* How to mitigate disparate impact risk.

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