The November 2022 Aite-Novarica Group report provides a CIO/CTO checklist for explaining AI and ML algorithm outcomes to regulators, emphasizing the need for model explainability, validation, and governance to ensure reliable results. It advises designating accountable process owners, enabling human intervention with audit trails, and demonstrating transparency to guarantee fairness and accuracy. The report stresses understanding data implications, constructing mechanisms for client challenges, and aligning AI/ML oversight with regulatory expectations to build trust, improve accountability, and mitigate compliance risks.

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