SolasAI and Capco Pioneer New Compliance Solution to Reduce Bias and Discrimination Arising from AI Use in Financial Services
PHILADELPHIA and NEW YORK (PRWEB) June 16, 2023 -- SolasAI, the leader in innovative algorithmic fairness AI software, and Capco, the global technology and management company, today announced a partnership focused on reducing bias and discrimination while enhancing risk mitigation related to AI use within the financial services industry.
As organizations worldwide adapt to faster cycles of innovation for competitive advantage and integrate more AI into their decisioning models and digital platforms, the risk of falling short of regulatory standards rises exponentially. Together, SolasAI and Capco provide a solution that leverages their AI acumen and their deep expertise in financial services and digital security.
This new industry-first joint solution anticipates bias and generates fair alternative models at machine speed by integrating algorithmic fairness directly into the customer’s model-building, operations, and governance processes.
Using Capco’s expertise in financial services and lending, combined with SolasAI’s deep algorithmic fairness experience and optimized bias and discrimination reduction algorithms, the partners have accelerated the time to reach compliance for unbiased, production-grade AI models regardless of scale. This enables financial services organizations to match the speed of innovation in Generative AI while ensuring fairness compliance matches regulatory expectations.
Previous compliance efforts take anywhere from 4-8 weeks to navigate from start to finish. Now, businesses can meet and clear regulatory standards within a few days, cutting down weeks of time spent modifying models for compliance into one swift report.
“As artificial intelligence becomes more ingrained in daily business practices, we want to ensure that as companies increase their use of AI-based models they can seamlessly mitigate risk and discrimination for their businesses and clients,” said SolasAI CEO Larry Bradley. “AI models can be implemented safely and accurately while adhering to regulations and fostering the trust so critical for widespread adoption. This partnership provides a pauseless way forward that accelerates innovation while adhering to regulatory standards.”
The partnership encourages the progressive evolution of each companies’ fair lending models. Capco takes a holistic look at a client’s people, processes, and technology to provide organizational enhancements, optimized processes, cutting-edge technology, exceptional customer experience, and an inclusive culture. This approach catalyzes positive change right across an organization’s ecosystem to foster long-term growth and prosperity.
“Capco is delighted to bring some of the most advanced AI technology to our financial services clients while lowering their deployment risk. We see a bright future for AI that provides fair and transparent outcomes,” said Capco CEO Lance Levy.
“SolasAI’s models are equitable, unbiased, and adhere to current regulations while adapting to future policy. SolasAI’s proven ability to reduce disparity with minimal impact on accuracy – even in the most complex real-world use cases – was very important to us,” said Capco US Partner Joshua Siegel.
SolasAI and Capco will be sharing their learnings and best practices in a session that is open to the public on ‘AI Innovation for Compliance and Competitive Advantage in Financial Services’ on July 26 at 11:00 a.m. EST.
To learn more about SolasAI, visit Solas.ai. For more information on Capco, visit Capco.com.
About SolasAI
SolasAI is a leader in evolving the landscape of AI model risk management and governance and a pioneer in Responsible AI software, dedicated to accelerating the time-to-market of unbiased, production-grade AI models at scale. Built on 45 years of experience and used by more than half of Fortune 50 companies, SolasAI owns the only end-to-end, industry-agnostic AI software solution to help banks, fintechs, insurers, and healthcare companies achieve fairer outcomes for their customers by fixing their models rather than replacing them. It owns the industry’s first solution to anticipate bias and generate fair alternative models at machine speed. To learn more, visit http://www.solas.ai or follow on LinkedIn and Twitter.
About Capco
Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. With a growing client portfolio of over 100 global organizations, Capco operates at the intersection of business and technology by combining innovative thinking with unrivaled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit http://www.capco.com or follow us on LinkedIn, Instagram, Facebook, and YouTube.
SolasAI Media Contact:
Collin Schuck, Elasticity
mailto:[email protected] [[email protected] __title__ null]
Capco Media Contact:
BackBay Communications
mailto:[email protected] [[email protected] __title__ null]
Collin Schuck, Elasticity, 1 856-304-1278, [email protected]
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