AI, ML in Financial Services: Do You Focus On Ethics Beyond Privacy Compliance?

Financial Services and Banking institutions are in a race to adopt and deploy Artificial Intelligence, its subset Machine Learning, and other advanced analytics. Why? Finance is a field which uses a huge amount of data. It is not possible anymore to analyse that volume of information without powerful machines. The disruption is now, and it is only the beginning. These technologies have become instrumental for financial institutions to dive into users’ data as much as possible so that the organisation is able to deliver a product as tailored as possible to client’s needs. At the same time the public concern is growing about the use of AI technologies and their potential to harm individuals. Whether your organisation is already capitalising on AI initiatives and you are helping the business managing its financial data, or your organisation is starting its AI journey, you will need to keep your eyes on the prize: record, collect, process, share, transfer data in an effective compliant manner and ultimately in an ethical fashion. In this highly regulated industry, fulfilling your multiple compliance mandates and your – sometimes – overlapping obligations is the foundation. You want to add the ethical dimension to your foundation building programme. This talk will explore 3 key topics highlighting what authorities have put in place to strike the balance between privacy and AI innovation: - Guidelines and initiatives at EU level; within UK, and France jurisdictions - The existing GDPR regulation and some of its provisions whether they are general or specific to AI (article 5, article 22, consent, breaches) - How considering financial data protection through an ethical lens can help in reducing risk