For data ethics to be useful in practice, it has to be more than just ‘what not to do’. It is about shifting the conversation from what you could do with data, to what you should do with data. Holly Armitage and Chris Blood explore this topic in their latest blog
Financial Institutions receive and manage huge volumes of data every day to support customers, shape products, service development, and manage risk, and data ethics has a pivotal role to play in each of these areas.
If data is poorly assessed, this could, for example, see a legitimate and innocent customer declined for loans or criminal activities left undetected. This is where the question as to who manages what type of data becomes vitally important.