PAW Financial Expert Round 4: Privacy, Regulations & Ethics
Wednesday, June 16, 2021
1. Case for the AI Regulator (Shashin Mishra and Sray Agarwal)
In this talk we make a case that an independent regulator is needed to create the standards and the guidelines for the adoption of the technology across industries. Expecting regulators for specific industries will lead to inconsistent standards and may also leave most of the industries without properly defined standards at best or at worst with no regulatory oversight on how the technology is being used.
2. Artificial Intelligence in Regulatory Processes: Chance or Risk? (Clemens Kraus)
Regulatory authorities find it difficult to assess artificial intelligence. The use of machine learning components is solely viewed critically and a detailed risk assessment is often neglected despite benefits of the solution. We would like to shed light on why the supervisory authorities still have such a hard time with artificial intelligence and highlight the chances of using AI systems in audit for repetitive tasks without sacrificing quality and accuracy.