Ethics has always been a delicate issue for businesses who need to make sure their behaviour aligns and complies with their values and wider societal norms. Traditionally they have managed ethical dilemmas through careful human oversight, and subtle and subjective processes.
The advent and proliferation of Artificial Intelligence (AI) systems has changed that. Automated, algorithmic decision making has created very new challenges for businesses because it reduces decision making time to mere milliseconds, based on past data patterns and little, if any, contextual input.
This is now an issue for more and more businesses as AI systems become omnipresent, with for example 66 per cent of financial services institutions now using it. If the ethical considerations of using algorithmic decision making are not thought through early enough and processed thoroughly, they can impact an organisation’s reputation, lead to legal challenges and financial loss.