Unit 5: Ethics and Technology Flashcards
Explain the impacts technology and artificial intelligence have, from an ethical perspective, on the banking and financial services industry.
What is an algorithm?
A procedure or formula for solving a problem, based on conducting a sequence of specified actions. It can therefore be described as a process,based on rules, that if followed solves a problem or produces a decision.
What is a moral agent?
A ‘being’ who has the ability to discern right from wrong.
Can a machine be an agent?
No.
An agent is being who has the ability to
discern right from wrong. Machines cannot make these decisions.
How can moral agents make decisions?
They can make a considered judgment based on professional experience, seek further information or gain a second opinion.
What moral responsibility do moral agents have?
To not cause deliberate and unjustified harm
Traditionally, who is moral agency assigned to?
Only to those who can be held responsible for
their actions.
Why should we expect people to act as moral agents?
By expecting people to act as moral agents, we hold them accountable for the harm they cause others.
When are we morally responsible?
If:
* We are causally responsible for the effects (or lack of effects) of our actions or inactions.
* We intentionally brought about the effects or could have foreseen them.
* The effects are morally important.
If someone accidentally causes harm to someone else, will they still be regarded as morally responsible?
They can be, but we could consider them less blameworthy because it was not intentional.
What is a machine learning algorithm?
Machine learning algorithms are a specific kind of algorithm which ‘learn’ their own ways of analysing data and reaching decisions.
How is big data used by banks?
Big data is a term used to describe extremely large sets of data that can be analysed by computers to reveal patterns and trends, especially in relation to human behaviours,
decisions and interactions.
What are key ethical concepts related to data analysis?
Privacy and consent
When dealing with personal data from which people can be identified, what provisions must organisations comply with?
Australian Privacy Principles (APPs).
What do the Australian Privacy Principles (APPs) set out?
The rights and data subjects and the obligations of organisations
which collect, process, analyse, use and store personal data
What two elements are needed to build an algorithm?
- Data (what happened in the past).
- A definition of success (what we’re looking for which becomes embedded in the code).