Business Series: Does Financial AI need an Ethical Upgrade?

Join the Professional Bodie Forum for an insightful discussion on the impact of unethical AI.

AI is the driving force in innovation, efficiencies, cost savings, data decisions and customer experiences. But have all these improvements in our lives been implemented in an ethical and considered way? Can AI be used to manipulate markets, exploit vulnerable clients, increase social financial exclusion? And can it be a tool to maximise profits at the expense of employees & clients?   

Trust and transparency are core to the public when it comes to money and can affect things like credit scores, loan approvals and advice, but if the AI behind it is flawed then it can have a major impact on the individual’s life. 

During this discussion our expert panel will debate the benefits of AI, how this can be an exciting opportunity for Scotland and what are the ethical implications that we should expect. We will look at the legal, regulatory compliance and the stringent governance that some countries are implementing, as well as how unethical AI could cause significant harm, financial loss, privacy breaches or economic inequality.   

The panel represents different areas of financial services from investment to the academic, but the core of the discussion will be to raise awareness of the issues of unethical AI and how the industry can avoid manipulation of markets and exploitation of vulnerable clients.   

Chair 

• Professor Raluca Bunduchi, University of Edinburgh Business School 

Panellists  

• Tom Wylie, Consultant at Capco 
• Brian Lennox, Senior Strategic Accounts Manager at Generation Scotland 
• Dr Lexi Birch, Senior Research Fellow at The University of Edinburgh School of Informatics and Co-founder and Head of Aveni Labs 

The Professional Bodies Forum for Scotland is an informal collaboration that provides a unique opportunity for people from all different careers to network and debate on some of the leading issues of the day. The members of the forum work together to deliver events which cross the boundaries that normally divide the professions. We look for topics that impact Scotland’s professionals and have discussed subjects including Diversity, Scottish Government vs Finance, and Ethics in AI. We also have collaborated on topics such as Accidental Manager, Communication Skills and Leadership.  

The current members of the Forum are: 

Association of Chartered Certified Accountants | Chartered Banker Institute | Chartered Financial Analyst (CFA) Society UK | Chartered Institute of Management Accountants | Chartered Institute of Securities and Investment | Chartered Institute of Insurance | Chartered Institute of Personal Development | Institute and Faculty of Actuaries | Institute of Chartered Accountants in England and Wales | Institute of Chartered Accountants of Scotland | Institute of Internal Auditors | Scottish Financial Enterprise | Scottish Investment Operations