Assessing AI and data protection expertise in academia and the financial services sector: Insights and recommendations for AI skills development

Maria Moloney; Ekaterina Svetlova; Cal Muckley; Eleftheria G. Paschalidou; Iona Florina Coita; Valerio Poti

Assessing AI and data protection expertise in academia and the financial services sector: Insights and recommendations for AI skills development

Maria Moloney, Ekaterina Svetlova, Cal Muckley, Eleftheria G. Paschalidou, Iona Florina Coita, Valerio Poti

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Abstract

The proliferation of artificial intelligence (AI) is reshaping modern life in many ways. This has prompted action from many governments globally. The European Union is in the process of drafting a new E.U. AI Act, modeled on GDPR. To navigate this evolving regulatory landscape, financial researchers and industry professionals will need comprehensive training. However, existing efforts seem limited. This paper puts forth the idea of tailored training to better understand the complex interaction of data protection and ethical AI. It uses case studies to highlight the challenges of AI and the GDPR in the financial services sector. We also put forth survey findings that suggest current programs inadequately prepare individuals for GDPR compliance in AI. Recommendations include an initial training framework for ethical and compliant
AI engagement.

Original language	English
Pages (from-to)	160-167
Journal	Journal of financial transformation
Issue number	58
Publication status	Published - Nov 2023

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https://www.capco.com/capco-institute/journal-58-artificial-intelligence

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title = "Assessing AI and data protection expertise in academia and the financial services sector: Insights and recommendations for AI skills development",

abstract = "The proliferation of artificial intelligence (AI) is reshaping modern life in many ways. This has prompted action from many governments globally. The European Union is in the process of drafting a new E.U. AI Act, modeled on GDPR. To navigate this evolving regulatory landscape, financial researchers and industry professionals will need comprehensive training. However, existing efforts seem limited. This paper puts forth the idea of tailored training to better understand the complex interaction of data protection and ethical AI. It uses case studies to highlight the challenges of AI and the GDPR in the financial services sector. We also put forth survey findings that suggest current programs inadequately prepare individuals for GDPR compliance in AI. Recommendations include an initial training framework for ethical and compliantAI engagement.",

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AU - Coita, Iona Florina

AU - Poti, Valerio

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AB - The proliferation of artificial intelligence (AI) is reshaping modern life in many ways. This has prompted action from many governments globally. The European Union is in the process of drafting a new E.U. AI Act, modeled on GDPR. To navigate this evolving regulatory landscape, financial researchers and industry professionals will need comprehensive training. However, existing efforts seem limited. This paper puts forth the idea of tailored training to better understand the complex interaction of data protection and ethical AI. It uses case studies to highlight the challenges of AI and the GDPR in the financial services sector. We also put forth survey findings that suggest current programs inadequately prepare individuals for GDPR compliance in AI. Recommendations include an initial training framework for ethical and compliantAI engagement.

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Assessing AI and data protection expertise in academia and the financial services sector: Insights and recommendations for AI skills development

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