Cbi Professionalism And Ethics In Banking Exam 2024-2025

Privacy What are the key ethical concepts regarding big data in banking? - ANSWER>>- - Consent the output from What are some ethical concerns regarding decision making algorithms? - ANSWER>>- the process tends to be objective, but limited data or skewed processes can mean decisions are far from objective - the decision the system reaches is rarely transparent to the user, which is becoming an increasing issue with machine learning - it is difficult to pinpoint who is responsible for issues regarding autonomous systems >>- manipulating interbank lending rates What are examples of past employee misconduct? - ANSWER- mis-selling insurance - failing to stop their banks being used for money laundering What was the estimated value of fines and legal costs in the 10 years post financial crisis? - ANSWER>>> $320 billion >>- Data According to O'Neil (2017) what are the 2 things needed to build an algorithm? - ANSWER(what happened in the past) - Definition of success (what we're looking for)Because the data can represent historical bias, as can the How can an algorithm show bias? - ANSWER>>criteria for success. According to O'Neil, this means that algorithms can serve to 'codify the status quo'. When the status quo is