Author: Steven Tiell
Publisher: Accenture
Publication Year: 2021
Summary: The following article talks about how In 2021, data ethics will be the tool financial services firms choose to manage digital risks in automation and cybersecurity. Practicing data ethics helps organizations to identify these risks early in the development of new products and services, and to intervene with tools, assessments, and governance processes. For example, the article quotes how Accenture’s Risk, Applied Intelligence, and Responsible Innovation teams have collaborated to help a client define a clear vision for a leading data ethics program that leverages not only leading fairness and privacy tooling, but modifies governance, controls, and training to include data ethics considerations and a roadmap to operationalize it. To conclude, With a strong data ethics strategy and industry-leading practices in place, financial services firms are well-poised to compete in today’s agile marketplace and be responsive to the digital native customers that will become the majority of their revenue in the not-too-distant future.