Ethics goes beyond compliance
Compliance with regulations is not a high enough hurdle to build the confidence of customers and stakeholders. Trust and confidence are only won by meeting expectations. When in doubt about the ethics of an issue, transparency provides a pragmatic test: What might be the impact on trust if the details were made public?
IBM’s principles for Trust and Transparency with regards to AI and data analytics are instructive:xx
EY points out that the risks in AI go beyond mathematics. Systems can malfunction, be corrupted and codify human biases. EY suggests a governance framework emphasising the systems in which AI is embedded: “To achieve and sustain trust in AI, an enterprise must understand, govern, fine-tune and protect all of the components embedded within and around the AI system. These components include data sources, sensors, firmware, software, hardware, user interfaces, networks as well as human operators and users.”xxi
Management accountants have an important role to play in ensuring that business unit managers, colleagues and suppliers are alert to ethical considerations. They can make certain that the business’s values and expectations are fully embedded in all decision-making and performance management. Some steps you can take today to ensure you’re ready for the new ethical issues of the digital age are: