Policy / Project Profile
Veritas Initiative
Translates the FEAT principles into an operational assessment toolkit, with an open-source methodology.
Why it matters
MAS did not stop at the FEAT document but partnered with industry to develop open-source toolkits, shifting regulatory approach from publishing principles to co-creating engineering standards, providing a model for soft regulation without mandatory legislation.
- Category
- Sector Regulation
- Published / Updated
- 2021
- Issuing body
- Monetary Authority of Singapore (MAS)
Detailed Notes
The Veritas initiative is the practical extension of the FEAT principles, jointly developed by MAS and partner financial institutions. The project's goal is to build an open-source, operational assessment methodology and toolkit that helps financial institutions translate FEAT principles into concrete AI applications. Use cases covered include fairness assessments for customer marketing and transparency assessments for credit risk scoring. Veritas is iterated continuously, embodying Singapore's incremental "principles → tools → practice" AI governance path.
Resources
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