ARX Series 3 June 2020
AI Ethics in the Corporate World
Webinar presented by CFA Institute and Tencent Finance Academy (Hong Kong)
As the applications of artificial intelligence proliferate, will there be a radical shift in how people behave and make critical decisions? Will AI strengthen or weaken the role of ethics?
Webinar presentation: AI Ethics in the Corporate WorldDownload PDF
World com, Enron, Lehman Brothers, are just some of the most glaring examples of debacles that occurred predominantly as a result of unethical practices. Most CEOs would agree that ethical behavior is the most important element in the organizational culture. No one would openly challenge ethical behavior for fear of being seen as siding with the opposite camp, i.e. representing the dark, shameful and evil.
In reality, the lure of short-term financial gain and self-gratification has led many senior executives to behave unethically whenever opportunities arise. Especially when no one seems to be watching and the stiff punishment of imprisonment and hefty fines seem remote.
Citing a famous quote from Dr Philip Zimbardo, the Professor Emeritus of Stanford University – “Under the right conditions good people can be induced, seduced, and initiated to act unethically.” In other words, situational influences may tempt or pressure even the most morally upright person to do the wrong thing.
Interestingly, with the advance of 5G, IoT and Artificial Intelligence (AI); some have argued that the cost of monitoring, detecting and deterring unethical practices at work will diminish rapidly. Other schools of thought, however, argue that AI could be manipulated by unscrupulous actors to more easily indulge in unethical decision making for their own benefits.
Regardless of which school of thought you support, AI has already arrived onto the corporate scene and its widespread adoption is only a matter of time.. With the proliferation of A.I. applications, will there be a radical shift in how people behave and make critical decisions, in particular in ethics? In this webinar, we look into three areas:
- Origin of unethical behavior in the modern corporate settings. Where and how does it come about?
- How can the dawn of AI help to strengthen ethical practices?
- What are the potential ethical shortcomings in the use of AI?
- Alan Lok, CFA, Director, Ethics Education and Professional Standards, Asia-Pacific, CFA Institute
- Dorothy Chau, PhD, Director of Hong Kong, Macao, and Cross-border Financial Affairs, Tencent
- Laurel Teo, CFA, Board Member, CFA Society Singapore
- Justin Ong, CFA, President, CFA Society Malaysia
- CFA Society Singapore
- CFA Society Malaysia
Watch the Webinar
Alan Lok, CFA, researches and writes on investor protection issues and capital market structure and coauthored a CFA Institute position paper on capital market integrity, titled “Portfolio Pumping in Singapore: Myth or Reality”. Mr. Lok has more than 10 years of equity research experience, spanning various industries and sectors.
Dr. Chau is currently the Director of Hong Kong, Macao, and Cross-border Financial Affairs at Tencent. Before joining Tencent, she was a Senior Lecturer at the HK Baptist University, within the School of Business. Dr. Chau was also the Director of the new Master in Finance (FinTech and Financial Analytics), bringing together the best minds and leaders in Finance, FinTech, A.I., RegTech, Privacy and Cybersecurity. With over 8 years in this space, Dr. Chau is a seasoned FinTech professional with a strong reputation as being an industry and academic liaison. Dr. Chau’s deep industry connections has allowed her to bring the biggest and best organizations such as Tencent, Alipay, IBM, UBS, BNP Paribas, Ant Financial, Deloitte, Ping An Bank, Crypto.com and others to work with her to integrate content into her programmes, where she has successfully built industry-academic collaboration. She is also the advisor and chairman of the Data Privacy Special Interest Group of the Institute of Financial Technologists of Asia (IFTA) and the founding council member and chairman of the blockchain education committee of the Hong Kong Blockchain Development Association (HKBCDA).
Dr. Chau is also the Co-Chair of the International Association of Privacy Professionals (IAPP), and inducted as a Fellow of Information Privacy (FIP). In addition to her CIPP/A and CIPM certifications, her Certified Information Privacy Professional / Europe (CIPP/E) certification makes her a sought out expert on the topic of General Data Protection Regulation (GDPR), where she has presented to audiences both locally in Hong Kong and China, including CPA Australia, The Hong Kong Institute of Certified Public Accountants, The Hong Kong Independent Non-executive Director Association, HKUSPACE, The Association of Chartered Certified Accountants, The Hong Kong Institute of Directors, and more.
Dr Chau received her doctoral degree in philosophy in 2012, in the Department of Management and Marketing, The Hong Kong Polytechnic University and was responsible for teaching and coordinating projects relating to FinTech, Computer Ethics, CRM and business intelligence, Business process and workflow, and Business and IS strategies. Dr Chau’s research interests include IT governance, Financial Technology, Blockchain and Cryptocurrency. She has published 5 papers in international journals such as Journal of Strategic Information Systems, Journal of Engineering and Technology Management.
Justin Ong, CFA, is currently a Partner with Deloitte Southeast Asia, leading the financial and regulatory risk practice. He has worked with over 50 financial services institutions in the regions, across Asia Pacific, Europe and Africa. He supported Board and C-suites in their transformation programme, focusing on capital, finance, risk, compliance and audit related matters. Within CFA Society Malaysia, Justin served as the Director on the Board since 2015, became Vice President in 2017 and ascended as President in 2019. He was the pioneer for the CFA Society Malaysia's Career Day as well as the Society's Representative in Asia Pacific Research Exchange (ARX). In the past, he was recognized as the finalist of the Asia-Pacific CFA society leader volunteer of the year. Justin holds a Bachelor of Accounting (Hons) from the University of Malaya and he is currently a PhD candidate in Islamic Finance with the International Centre for Education in Islamic Finance ("INCEIF").
Laurel Teo, CFA, is pursuing a PhD in organizational behavior and human resources. Her research interests include the impact of artificial intelligence and technology on organizations and organizational participants, privacy negotiations in employee-employer contexts, and ethical issues in organizations. Prior to returning to graduate school, Ms. Teo was based in Hong Kong as Director, Standards & Advocacy, at CFA Institute, where she supported CFA member societies in Asia Pacific in regulatory outreach, market integrity research, and investor protection programs. Before joining CFA Institute, she was a consultant in investor relations. Ms. Teo began her career as a political and business journalist reporting in Singapore and Indonesia with leading newspapers. She earned her Chartered Financial Analyst® designation in 2011 and was elected to the board of CFA Society in 2018.