“As artificial intelligence and machine learning deploy across financial sectors, federal government needs a way to ensure standards for stability and inclusion are followed. Measuring risks and setting benchmarks for emerging fintech is top of mind for agencies such as the National Institute of Standards and Technology and the Commerce Department. In her first public engagement since being sworn in earlier this month, NIST Director Laurie Locascio told an audience at Stanford University on Wednesday that the president’s 2023 budget request calls for an additional $80 million to expand and strengthen NIST capabilities for targeting critical and emerging technologies. Listing ways the agency is trying to enable trustworthy AI, she said NIST scientists and engineers are developing taxonomies, terminology and testbeds for measuring AI risks...” “As a federal AI standards coordinator, NIST is also writing benchmarks, qualitative and quantitative metrics with which to evaluate AI technologies, and the agency is developing tasks, challenge problems and testbeds software tools, among other efforts. Locascio also noted that in March, NIST released for public comment the first draft of an AI risk management framework (RMF). ‘The AI RMF adopts a rights preserving approach to AI, putting the protection of the individual rights at the forefront of AI development and use,’ she said. ‘The AI RMF framework outlines a process to address traditional technical measures of accuracy, robustness and reliability, but it also acknowledges the sociotechnical characteristics of the system – characteristics such as privacy, interpretability, safety and bias, which are inextricably lot tied to human and social behavior.’...” Read the full article here. Source:  Federal banking agencies trying to ensure AI, ML benefit most rather than the few – By Amelia Brust, April 28, 2022. Federal News Network.