Our project considers ethics relating to privacy and ethics of artificial intelligence and Machine Learning, AI/ML, in the context of Responsible Digital Leadership in the Financial Sector. The Article below by Søren Juul Jørgensen and Radhika Shah, Fellows at the Center for Human Rights and International Justice at Stanford University, considers data and data ethics, the challenges and dilemmas and sketches for how organizations may deal with these issues. The article was published in the Danish Journal of Auditors and Accountants (Revision & Regnskab, Forlaget Karnov).
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Artificial Intelligence and the use of data has the potential to provide effective solutions to many of our global challenges, but tech also raises important questions, and we need effective guidelines to curb the risks to privacy, our daily lives and to society and democratic institutions. Setting out from a recent workshop at Stanford, the article – and the project – considers ethics in the context of the wider responsibilities of the modern firm under the heading responsible digital leadership, taking into consideration also such issues as ESG and impact for the UN sustainable development goals.
The article considers which ethics, how ethical considerations may be operationalized, governance and offers concrete guidelines and offers a framework. In a later stage the project intends to consider also the importance of cultural and geographical aspects. The financial sector have always relied heavily on data and are generally early adopters. In a recent study from Cambridge University 85% of responding financial institutions had already implemented AI in some way in their business. It is important we operationalize the emerging ethical guidelines.
Søren Juul Jørgensen is a Fellow at the Center for Human Rights & International Justice at Stanford University and former Consul General/CEO of The Innovation Center Denmark in Silicon Valley.
Radhika Shah is CoPresident of Stanford Angels & Entrepreneurs, Advisor to the SDG Philanthropy Platform and a Fellow at The Center for Human Rights & International Justice at Stanford University. She is on the Advisory Board for the Center for Effective Global Action (CEGA) at U.C. Berkeley.