Ethical AI and Professional Codes of Conduct

Question 1

ethics is concerned with…

Answer 1

how people behave

Question 2

ethics in AI for financial services?

Answer 2

crucial to provide correct info and advice - ethical behaviour

Question 3

define AI

Answer 3

technologies with the ability to perform tasks that would otherwise require human intelligence

Question 4

examples of human behaviours AI can emulate

Answer 4

• speech recognition
• visual perception
• language translation

Question 5

machine learning?

Answer 5

type of AI that allows computers to learn from large datasets without being explicitly programmed

Question 6

non-traditional data?

Answer 6

data that hasn’t been historically used to perform the task in question

Question 7

automation?

Answer 7

reduces/removes role of humans in performing tasks

Question 8

‘human-in-the-loop’

Answer 8

when there’s human involvement in the feedback loop for AI learning

Question 9

examples of where AI can be used in finance

Answer 9

• fraud detection
• risk management
• regulatory compliance
• personalised banking
• investment advice
• predictions of stock performance

Question 10

symbolic AI?

Answer 10

relies on translating human knowledge into programmed rules

Question 11

statistical AI?

Answer 11

relies on the analysis of data

Question 12

‘black box’

Answer 12

term referring to the inability to understand how AI works

Question 13

ethical concerns around AI?

Answer 13

• unauthorised handling of personal data
• truth of system outputs
• lack of explainability
• lack of traceability
• insufficient understanding of societal impacts

Question 14

benefits of AI?

Answer 14

• consumer protection
• cyber security
• financial crime
• competition
• stability of markets & firms

Question 15

CISI AI Codes of conduct?

Answer 15

• personal accountability
• client focus
• conflicts of interest
• respect for market participants
• professional development
• be aware of capabilities
• respect others and the environment
• speak up & listen up

Question 16

codes of conduct for professionals working in computing?

Answer 16

• avoid harm
• be honest & trustworthy
• be fair & don’t discriminate
• respect privacy
• honour confidentiality
• contribute to society

Question 17

principles for AI in society?

Answer 17

benificience, non-maleficence, autonomy, justice, explicability

Question 18

is there an increasing consensus by governments and regulators about the need for a variety of governance factors to be addressed?

Answer 18

yes

Question 19

the AI act?

Answer 19

controls the development & use of AI

focuses on strengthening rules around data, transparency, human oversight & accountability

Question 20

EU AI Act principles?

Answer 20

human agency & oversight
technical robustness & safety
- privacy & data governance
- transparency
- diversity, fairness
- societal environenmtal wellbeing
- accountability

Question 21

beneficence?
non-maleficence?

Answer 21

beneficence = social good, promoting & including wellbeing

non-maleficence = not doing harm

Question 22

two key components in any AI system?

Answer 22

data & algorithms

Question 23

data?

Answer 23

provides foundation for ai system

must be valid, correct and usable for ethical, design & legal purposes

Question 24

what does testing a system for correctness involve?

Answer 24

fairness/bias/unconscious bias

privacy/security

meeting explanatory, transparency and legal requirements

Question 25

what does building trust in AI need to include?

Answer 25

people and institutions

Question 26

what should be addressed as part of the process to make guidelines effective & to change professionals’ behaviour?

Answer 26

• education & empowerment
• avoid ethics watching
• provide loyalty to guidelines
• make ethics a priority
• encourage ethically motivated efforts to improve AI systems