Artificial Intelligence (AI) is developing rapidly. Appropriate use of AI will help us to achieve our purpose of building a brighter future for all. We recognise that a failure to govern and manage AI systems effectively may lead to undesirable consequences such as incorrect decision-making, compliance failures and poor customer outcomes. We aim to address these risks through our governance and compliance program.
We have a principles based approach to the policies governing the design, development, deployment and use of AI systems by the Bank.
The six AI principles are:
- Human, social and environmental well-being
- Privacy and Security
- Reliability and Safety
Our AI policy may intersect with the Bank’s other policies, as relevant. For example, there may be specific Bank policies where the AI system is also a model or where the AI system is sourced from a supplier.