AI in Banking: A HRIA Tool for Banks

The Australian Human Rights Commission (Commission) is pleased to have partnered with the National Australia Bank (NAB) to develop and produce a human rights impact assessment tool for artificial intelligence-informed decision-making systems in banking (HRIA Tool).

Artificial Intelligence 

Artificial intelligence (AI) can improve efficiency and increase customer satisfaction when engaging with banking services.

However, given the important role banks play in storing the wealth of Australians, it is important that when integrating AI into decision-making, it is done ethically and with human rights at the forefront.

Human Rights Standards

Human rights standards constitute a benchmark for the HRIA Tool and should guide the impact assessment process. 

In practice, the human rights most likely to be affected by AI-informed decision-making in banking are those concerning privacy, non-discrimination and equality of treatment.

All human rights should be enjoyed by everyone regardless of factors such as race, sex, or disability.

HRIA Tool

The HRIA Tool aims to assist banks in considering and measuring the risk to human rights posed by AI systems, implement strategies to address those risks and support the availability of remedies for any human rights violations.

If AI is not integrated responsibly into decision-making systems, there may be serious and adverse consequences for everyone – including customers and the banking industry itself.

This HRIA Tool will provide the banking industry with a framework for reviewing their use of AI, to ensure that AI is integrated with human rights as a central component. 

Our Partnership

The Commission developed this HRIA Tool (in collaboration with NAB) following the Commission’s recommendations in its Final Report: Human Rights and Technology that private sector bodies be encouraged to undertake HRIAs before using AI systems and that tools should be developed to assist them in doing so.

The content of the HRIA Tool is informed by the Commission’s expertise, previous work on human rights and technology, research, and consultation with NAB.

Our Work

This HRIA Tool also builds upon the Commission’s work to develop practical guidance for the ethical use of AI systems for various sectors and businesses.

The Commission has previously worked with the Actuaries Institute to produce a Guidance Resource on Artificial Intelligence (AI) and Discrimination in Insurance Pricing and Underwriting (AI in Insurance Guidance).