News

Innovators and Regulators Collaborate on Book Tackling AI’s Black Box Problem

02 October 2018

New Book Offers Solutions to AI’s Biggest Compliance Hurdle

BOSTON, Oct. 2, 2018 /PRNewswire/ — Basis Technology, the leading provider of AI-powered solutions for multilingual text analytics, has produced a new guide to the black box problem: the regulatory and implementation barriers caused by the un-explainability of sophisticated AI.

The Amazing, Anti-Jargon, Insight Filled, and Totally Free Handbook to Integrating AI in Highly Regulated Industries is freely available on Basis Technology’s site.

“The ‘black box’ problem is the most daunting barrier to widespread adoption of AI in highly regulated industries,” said Carl Hoffman, CEO of Basis Technology. “We understand the magnitude of the challenge, and we’re working on a solution.”

Featuring chapters by subject-matter experts from Ayasdi, ComplyAdvantage, Diffeo, FinTech Innovation Lab, Hummingbird RegTech, Intelligo, Prattle, Quantiply, Recorded Future, and Peachtree AI, the handbook highlights the perspectives of both regulators and innovators on this key issue.

“As AI finds its way into more financial processes, regulators are working to understand these tools and their place within the regulatory framework. Financial institutions and technology providers have a collective interest in responsible implementation that achieves core regulatory objectives—failure to do so will hinder progress for everyone,” notes Jonah Crane, regulator in residence at the FinTech Innovation Lab. “This handbook is also a helpful guide for regulators looking for a primer on real-world deployments of AI by financial institutions.”

“AI can do wonders for industry, but remaining compliant as we transition is critical,” continued Hoffman.

The handbook is the second in a series of in-depth pieces by Basis Technology exploring AI and its impact on finance and other highly regulated industries. The first, The Honest Guide to AI for Risk, is also available on the firm’s website.

About Basis Technology
Basis Technology is the leading provider of software solutions for improving sales, reducing risk, and saving lives by extracting meaningful intelligence from multilingual text and digital devices. Since 1995, Basis Technology products and services have been used by hundreds of major firms including Amazon, Google, Microsoft, Lockheed Martin, and governments around the world. Rosette, Basis Technology’s proprietary linguistics platform, is the world’s most widely-used family of commercial software products for multilingual information retrieval. For more information, visit www.basistech.com.

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