The Hong Kong Monetary Authority (HKMA) on Thursday announced the “Accountability, Resilience, and Trust (ART)” framework to promote the responsible adoption of artificial intelligence (AI) in the banking sector as AI rapidly develops. Accountability is ensuring clear ownership, governance, and decision-making authority. Resilience focuses on secure, robust AI adoption that operates safely, fails safely, and recovers effectively. Trust is prioritizing fairness, transparency, explainability, and privacy.
Under the framework, the HKMA issued the latest Supervisory Guidance for Responsible Adoption of Artificial Intelligence. The updated guidance focuses on three pillars: effective governance and accountability over AI adoption; proportionate management of the unique risks posed by AI; and building trust and transparency around AI solutions.
