This white paper has been developed by the Task Force to explore the ethical considerations of AI.
In our first paper we highlighted that AI capabilities are not new to financial services, and that firms have in place mature codes of conduct and controls to manage their responsibility to protect and treat clients fairly. However, the paper also identified elements unique to AI as a technology – its capacity for adaptive behaviour -which merit further ethical consideration. In this paper we explore these ethical considerations which wehave grouped into two themes:
•Data Input and Design (e.g. AI acting on data set bias), and
•Understanding and Control (e.g. a lack of transparency of AI related decisions).