Trustworthy AI has been saved
Blog series by Deloitte Digital Ethics
This blog series, based on interviews with top subject matter experts, kicks off with a blog on the concept of “Trustworthy AI” and subsequently explores the ethical aspects of AI applications in various industries, how regulation will impact them, and how these issues should be addressed at company level.
Artificial Intelligence, or AI, has been moving swiftly in recent years from the drawing board to the board room. As companies discover its vast potential, AI is reaching further and further into the everyday lives of people. With that comes ethical implications that companies need to take into account when designing, developing and using AI. The fact that an application is available and allowed does not automatically make it a good idea to start using it. At least not without first critically assessing the benefits and harms and implementing safeguards if needed.
EU regulators, meanwhile, are working hard to catch up with the unfolding possibilities and address the grey areas. The regulation they propose in the European Commission's (EC) white paper on AI is aimed at stakeholder protection, transparency, accountability and auditability. The ultimate goal of the EC is to create a European brand of Trustworthy AI that can be a model for AI design and regulation elsewhere in the world.
Europe’s AI regulation is taking shape and will soon be coming into force. In the meantime, Deloitte believes that applying Trustworthy AI principles voluntarily will give companies a competitive advantage. It helps them spot and manage ethical risks, and it enhances trust in their brand. Plus, companies that do so will enter tomorrow’s regulated AI landscape well prepared - and a step ahead of their peers.
This blog series, developed by Deloitte’s Digital Ethics team and based on interviews with top subject matter experts, kicks off with a blog on the concept of “Trustworthy AI”. Subsequent blogs will explore the ethical aspects of AI applications in various industries, how regulation will impact them, and how these issues should be addressed at company level.
Europe's trustworthy AI meets AI ethics
Read blog 1 here
The second blog in the blog series on Trustworthy AI, discusses the role of AI in detecting financial crime. In this blog, we discuss, among others, the expectations of society regarding the prevention and detection of financial crime and the fundamental challenges that come along. Furthermore, we examine three ethical issues: privacy and data governance, explainability and transparency and the role that regulators have in order to win this battle.
Trustworthy AI and effective financial crime detection
Read blog 2 here
For more information please contact Hilary Richters or Annika Sponselee via the contact details below.