Financial Services Commission Unveils 'AI Guidelines in Finance' Including Triple Internal Control Measures

Vice Chairman Do Kyusang Holds the '1st Digital Finance Council' Meeting

[Asia Economy Reporter Jin-ho Kim] On the 8th, the Financial Services Commission (FSC) unveiled the 'AI Guidelines for the Financial Sector.' The guidelines focus on revitalizing AI in the financial industry and enhancing trust in AI-based financial services.

On the same day, the FSC held the '1st Digital Finance Council Data Subcommittee Meeting' chaired by Vice Chairman Do Gyu-sang, where it announced the guidelines for developing AI-based financial services.

First, to ensure responsible operation of AI services, a triple-layered internal control system was established, including the preparation of AI ethical principles, the formation of AI organizations, and the establishment of risk management policies. Regarding AI ethics, financial companies must establish principles and standards to be followed during AI service development and operation according to each company's values and AI usage scenarios. Additionally, the roles, responsibilities, and authorities of members who assess and manage potential AI risks must be specifically defined throughout all stages of the service.

In particular, AI service self-assessment and management policies must be prepared, and enhanced risk management should be applied to services that may pose significant risks to individual rights. For example, when AI decision-making significantly impacts the conclusion and maintenance of personal financial transaction contracts such as credit evaluation and loan screening, internal controls and approval procedures must be established, and a separate person in charge must be designated.

To ensure high-quality data is used during AI development and training stages, the source, quality, bias, and timeliness of data used for AI training must be investigated, verified, and continuous improvement efforts made. Information protection will also be strengthened to prevent misuse of personal credit information. When sensitive information such as private data is used, sufficient measures such as de-identification must be taken to ensure safe information utilization.

Furthermore, to prevent unreasonable consumer discrimination resulting from AI utilization, risk factors will be controlled according to service characteristics, and service fairness will be enhanced. The system will also require improvements so that financial consumers can receive sufficient explanations about AI services and fully exercise their rights.

The FSC plans to implement the 'AI Guidelines for the Financial Sector' based on these contents within the year. Detailed practical guidelines will also be prepared, taking into account the characteristics of financial sectors, functions, and services to further specify the guidelines.

Vice Chairman Do urged, "We hope for continuous cooperation and efforts from the financial sector so that the benefits of AI technological innovation can be delivered to financial consumers."

This content was produced with the assistance of AI translation services.