Jade Haar (Head of Data Ethics, Enterprise Data at National Australia Bank) and David Hardoon (former Chief Data Officer at the Monetary Authority of Singapore and now Special Adviser to UnionBank of the Philippines) discuss key areas of focus for the ethical handling of customer data. This far-reaching topic is discussed against the backdrop of the IIF Data Ethics Charter. The IIF recently published Data Ethics Charter outlines a set of principles around the use of customer data, in an initiative launched at the direction of the IIF Board of Directors and developed with a core drafting group of Chief Data Officers and their deputies from 26 IIF member firms. Our thanks to the firms that contributed to the drafting of the Charter, including Jade and David who were part of our leading group of experts that helped shaped the principles of our Charter.
Jade discusses the criticality of a governance framework in the implementation of ethical principles around data. David describes the evolution of MAS’s FEAT Principles (Fairness, Ethics, Accountability, and Transparency) for AI and data analytics in Singapore’s financial sector in terms of adoption, singling out the importance of “fairness” as a key principle. Jade also discusses the importance of customer trust and the reputational risk of losing trust.
David and Jade explain the additional considerations that need to be taken into account when using algorithmic decision-making systems, in terms of unfair bias and discrimination. The discussion highlights the importance of using appropriate terminology to talk about discrimination, and the use of sensitive attributes to mitigate unfair bias. Finally, the discussion shifts to a wider discussion on the importance of training, and knowledge sharing with both customers and employees.