Artificial intelligence pioneers Fairly AI and SolasAI announced a strategic partnership to enhance risk mitigation and address bias and discrimination within the platforms of often highly regulated industries including mortgage, aviation, finance, insurance and healthcare.
With the number of artificial intelligence laws growing and risk continuing to increase—AI-related legislation rose from just one in 2016 to 37 in 2022 across 127 countries and a 26-time-increase in AI incidents and controversies between 2012 – 2021—the partnership allows teams to quickly identify, respond and mitigate risk at scale to meet growing regulatory demands.
“Artificial intelligence is becoming more ingrained in day-to-day business, yet there are inherent dangers associated with it,” said Larry Bradley, Chief Executive Officer of SolasAI.
“The true potential of AI can only be realized when we ensure it has been developed and deployed responsibly,” said Fairly AI Chief Executive Officer and co-founder David Van Bruwaene. “We’re focused on accelerating responsible AI innovation and our partnership allows us to safeguard the use of AI systems for the betterment of society without minimizing innovation.”
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The Fairly AI Oversight and Risk Management Platform™ for AI/ML enables technology and policy experts to bridge AI oversight gaps and features information reporting and testing, policies, built-in controls to fairness and bias testing; while SolasAI, with its innovative algorithmic fairness AI software, excels at identifying and mitigating bias and discrimination in algorithmic decisioning to avoid regulatory, legal and reputational risks. Together, they provide customers with a comprehensive and frictionless solution for data science, compliance and audit teams.
“Artificial intelligence is becoming more ingrained in day-to-day business, yet there are inherent dangers associated with it,” said Larry Bradley, Chief Executive Officer of SolasAI. “Many regulated industry platforms are still built upon age-old presumptions and our partnership brings together two of the defining companies leveraging AI to enable organizations to use AI ethically and responsibly. And do this without stunting its transformational potential or limiting their ability to compete in the market with it.”
Through the platform integration, teams can move models from ideation to production in days rather than weeks, collecting evidence and data in one place, capturing decisions, and coordinating disconnected teams. The entire process can be repeated, analyzed, and tracked across the business.
SOURCE: PRWeb