1. Featured Paper: "How to Bring AI-Enabled Valuations to Meet Professional Duty of Care Standards?".
- Author
-
Chung Yim Yiu and Ka Shing Cheung
- Subjects
REASONABLE care (Law) ,VALUATION ,BUSINESS valuation ,MACHINE learning ,SOCIAL science research - Abstract
This article discusses a research paper titled "How to Bring AI-Enabled Valuations to Meet Professional Duty of Care Standards?" The paper focuses on real estate valuations but raises important issues that are relevant to the business valuation community. It emphasizes the need for consistency, objectivity, and transparency in AI-driven methodologies to ensure accountability and public trust. The authors examine existing standards from the Royal Institution of Chartered Surveyors (RICS) and suggest the use of Explainable Artificial Intelligence (XAI) to enhance transparency in automated valuation models (AVMs). The paper also provides a hypothetical checklist for AI-enabled valuation reporting. The authors stress the importance of aligning AI-driven valuations with professional and legal standards for the continued trust and reliability of the valuation process in a digital world. [Extracted from the article]
- Published
- 2024