QCB Releases AI Guidelines

The Qatar Central Bank (QCB) has released a 22-page guideline regulating the use of Artificial Intelligence (AI) in the country.

The AI guidelines are available to the general public for their perusal. It sets requirements and provides general guidance for the use of AI systems or system provisions by all entities regulated by QCB to ensure their usage is safe, secure, and efficient.

FinTech and Innovation Advisor at QCB, Gopal K, outlined some key highlights of the guidelines on his personal LinkedIn page. They are as follows:

1. Entity to create a clear AI strategy in line with their risk appetite and business strategies along with a periodic AI strategy review mechanism. 
2. Clear governance structure and proper delineation of roles and responsibilities between BOD and Senior Management. The Board of Directors (BOD) and senior management of an Entity remain accountable for the outcomes and decisions of the Entity’s AI applications.
3. An Entity may take precautions to minimize unintentional or undeclared bias.
4. An Entity may develop monitoring controls to measure the fairness of an Entity’s AI model and policies when and how to initiate remedial actions.
5. An Entity must manage the process so that the AI risk assessment stays in line with the overall process and function risk assessment and need to classify AI systems as “High-risk” or “Low-risk” systems.
6. An Entity must develop a register with a complete inventory of AI applications to be disclosed to regulators on an annual basis.
7. Have to adopt outsourcing guidelines if leveraged for a third-party partner.
8. Any AI system must have a human oversight protocol.

To read the full document, click here.