Module 6: Glossary

Question 1

Algorithm

Answer 1

A code or instruction used by a computer to solve problems and to make decisions

Question 2

Algorithmic impact assessments

Answer 2

A process that is designed to access and mitigate the potential impacts of using automated decision-making programs or systems

Question 3

Algorithmic literacy

Answer 3

The ability to understand the processes underlying algorithmic decisions

Question 4

Automated decisions

Answer 4

Decisions made solely by automated means without any human involvement

Question 5

Basel framework

Answer 5

A set of regulatory standards established by the Basel Committee on Banking Supervision (BCBS)

Question 6

Big data

Answer 6

Large volume of information that are too big or broad to be analysed or managed by standard human or computational systems and processes

Question 7

Chatbox

Answer 7

A computer program that stimulates conversation with human users

Question 8

Machine bias

Answer 8

Inaccurate or unfair decisions made by computer programmes, usually because of bias inherent in the programs training data or algorithm

Question 9

Whistle blower

Answer 9

A worker reporting wrongdoing (usually at their place of work)