Marrying AI and ethics in financial services

In this transformative period of technological change for financial services, incorporating regulatory compliance and ethical considerations into the adoption of artificial intelligence will be key to long-term success. Philip James and Clemence Girault report on the regulatory landscape as well as practical ways for financial institutions to manage their data, culture and ethics.

Philip James (philipjames@eversheds-sutherland.com) is a partner in the Global Data Privacy & Cybersecurity Group and AI Task Force at Eversheds Sutherland, where Clemence Girault (clemencegirault@eversheds-sutherland.com) is a French-qualified associate with the Global Data Privacy & Cybersecurity Group.

Ethics involves a set of moral principles that guide us in distinguishing right from wrong. "Freedom is obedience to self-formulated rules" Aristotle argues, emphasising that there are no simple, universal rules for virtuous behaviour. Instead, a virtuous person must determine what is appropriate for each situation and act accordingly. In other words, ethics asks the question - even though we have the technology to do it, should we do it? Or, alternatively, " Just because we can do, doesn't mean we should".