Ethical Artificial Intelligence, Fintech and Data Protection: A Path Forward for Training in Europe
31 Pages Posted: 11 Jul 2024
Date Written: February 21, 2024
Abstract
Artificial Intelligence (AI) systems process massive quantities of data. A lot of this data is related to identifiable individuals and is what we call personal data under the European Union (EU) General Data Protection Regulation (GDPR). To process such data legally, organisations that develop or deploy AI systems in Europe must understand their regulatory obligations under the GDPR. This paper examines the increasing need for comprehensive data protection training in Europe, given the rapidly evolving landscape of Artificial Intelligence (AI) and the potential harm these systems can cause to individuals and society at large. By way of survey, the paper examines the current level of data protection knowledge among academics and professionals in the field of Finance who either use or develop AI systems on a regular basis. The results of the survey support the need for increasing and emphasising training in data protection for this cohort. The paper underscores the critical importance of equipping Finance academics and professionals with robust data protection and ethical training so our leaders of tomorrow will be able to foster responsible AI use, by safely and confidently navigating the intricate interplay between AI systems innovation, and the safeguarding of the public good and human rights.
Keywords: Data Protection, Artificial Intelligence, Privacy, Ethics, Training, European Policy, Data Privacy, Responsible AI
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