IIF and EY have drafted this summary report on Machine Learning uses in Credit Risk and AML Applications to share the key themes and insights from the 2022 IIF Survey on ML development and implementation trends within the global financial services industry. 43 financial institutions from all regions of the world participated in this survey and the report covers eight areas of focus including the adoption journey of ML in production, the benefits and challenges of ML use in financial services, controls against unfair bias, and engagement with regulators.

This summary provides an abbreviated public report of the survey’s findings. As in previous years, a more detailed report will only be available for participating institutions, policy-makers, and global-standard setting bodies interested in advancing ML studies.

In Q1 of 2023, we will be launching the 2023 survey on AI/ML governance and ethics with EY to continue this series of reports and to provide better insights for market participants and authorities. If you wish to participate in our next year’s survey, please reach out to Daniel Mendez Delgado ([email protected]).