Final answer:
The coorect answer is statement 3. The AI Fairness 360 project is an open source library designed to identify and mitigate bias in AI models, ensuring fair and trustworthy AI systems. It contributes to increased transparency in AI deployments and supports the call for ethical AI practices.
Step-by-step explanation:
The AI Fairness 360 project is an open source library that helps in evaluating AI models for potential biases and provides strategies and algorithms to mitigate these biases. As such, option 3 is the correct description: 'An open source library that evaluates models for bias and provides mitigation tactics to reduce that bias.' This project is part of the broader effort in the AI community to ensure that AI systems are fair and trustworthy by addressing the unpredictability and difficulty of controlling artificial intelligence.
Moreover, the project aligns with broader discussions on the need for transparency and ethical consideration in AI, particularly as it relates to the societal impacts and legal implications of deploying AI systems. Due to its focus on the ethical deployment of AI, the project encourages diversity within the engineering teams and promotes the creation of ethics certifications for AI practitioners.
Additionally, the AI Fairness 360 project aligns with the sentiment that legal transparency is mandatory for AI applications. It aims to increase awareness among practitioners and policymakers about the importance of fair and ethical AI, thus contributing to debates on whether artificial intelligence is more harmful or helpful to society.