Learning Objectives:

  • Understand AI ethical issues: transparency, bias, data privacy, societal implications.

  • Analyse current and upcoming regulations related to AI.

  • Apply strategies, frameworks, and tools for AI risk management.

7.1 AI Ethical Issues

The NUS course covers “AI Ethical Issues, including transparency and black box issues, AI biases, data privacy, societal implications of AI deployment, etc.” . The NobleProg course covers “Ethical considerations of using Big Data and AI in banking” and “Navigating compliance and regulatory challenges” . The Knowledge Academy course covers “ethical and privacy considerations” .

Key Ethical Issues:

  • Transparency and Explainability: The NUS course covers “transparency and black box issues” .

  • AI Biases: The NUS course covers “AI biases” .

  • Data Privacy: The NUS course covers “data privacy” . The Knowledge Academy course covers “ethical and privacy considerations” .

  • Societal Implications: The NUS course covers “societal implications of AI deployment” .

Strategies for Addressing Ethical Issues:

  • Explainable AI (XAI): Techniques for making AI models interpretable.

  • Bias Detection and Mitigation: The NobleProg course covers “Fairness in credit models: bias detection and mitigation” .

  • Data Protection by Design: Adhering to privacy principles from the outset.

7.2 AI Regulations

The NUS course provides an “Overview of current and upcoming regulations related to AI” . The NobleProg course covers “Navigating compliance and regulatory challenges” .

Key Regulatory Frameworks:

  • EU AI Act: A comprehensive framework for AI regulation.

  • GDPR: Data protection regulations governing personal data.

  • ECOA and Fair Lending Laws: Prohibiting discrimination in credit decisions.

7.3 Managing AI Risks

The NUS course covers “Understanding of and strategies, frameworks, and tools in managing AI Risks” . The NobleProg course covers “Ethics and Compliance” .

Key Risk Management Strategies:

  • Risk Assessment: The NobleProg course covers “Risk assessment, fraud detection, and anomaly detection” .

  • Governance Frameworks: The NobleProg course covers “Managing data quality, security, and governance” .

  • Regulatory Compliance: The NobleProg course covers “Navigating compliance and regulatory challenges” .

  • Incident Response: Having a plan to respond to AI incidents.

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