GiniMachine Explores AI Credit Scoring in the Greek Market at InvestEU/SIFTA Workshop
On October 15, 2024, GiniMachine participated in the InvestEU/SIFTA Workshop in Greece: How to Develop the Greek Market. The workshop focused on AI credit scoring and the new regulatory requirements of the EU’s AI Act, highlighting the opportunities and challenges of integrating AI into financial services in the Greek market. GiniMachine’s team was represented by Ivan Kovalenko (CEO and Founding Partner), Mark Rudak (ML Product Owner), and Tatyana Kovalenko (Head of R&D).
The AI Act is a key regulatory framework proposed by the European Commission that aims to ensure that AI systems are safe, transparent, and non-discriminatory. The law entered into force on 1 August 2024, with a gradual implementation, and most of its provisions becoming fully applicable after a 24-month transition period. The AI Act introduces a risk-based approach to classifying AI systems, outlining unacceptable risks, as well as specific measures to ensure the responsible development of high-risk AI systems and general AI systems. AI credit scoring systems that make lending decisions completely autonomously are likely to be recognized as high-risk systems and therefore subject to strict requirements, including accuracy, transparency, and human oversight. GiniMachine is committed to aligning with these guidelines by taking concrete steps during the AI Act transition period to ensure compliance and build trust in its AI-powered solutions.
Key Highlights from GiniMachine’s Presentation
We emphasized key strategies and best practices that ensure our AI solutions are not only innovative but also comply with the AI Act. Some of the critical points covered include:
- AI governance strategy: Outlining our roadmap to align with the AI Act, including mapping the risks of AI systems, enhancing data governance, and conducting an internal audit of GiniMachine functionality for compliance with the new regulation.
- Model accuracy and human oversight: Reviewing best practices, testing and implementing the top-performing ML algorithms in GiniMachine, combined with advanced techniques for model interpretability and explainability.
- Security and transparency: As an ISO certified company, sharing our measures that ensure high standards of cybersecurity, data management and model transparency, aligned with key provisions of the AI Act for credit scoring solutions.
Our participation in the workshop reaffirmed GiniMachine’s leadership in AI-driven financial technology, highlighting our continuous efforts to ensure both innovation and regulatory compliance as we expand our solutions to the Greek market and beyond.
