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In this paper we highlight the principle of Fairness – being crucial for financial institutes given the potential financial and regulatory risks, but even more concerning tremendous reputational risks – and
why it should be on top of mind for senior executives. We give guidance on how organizations can address AI ethics more proactively from a business perspective as well as in the model validation and
model risk management.
We have identified six key questions for decision-making with respect to using datasets from external providers. The approach focuses on six key questions regarding definition of default, granularity, scope of application, data sample, number of defaults in the dataset and the availability and quality of the explanatory variables.
We organized a roundtable on ESG investing. The event has demonstrated that the topic of sustainable investing is gaining more importance, both in the investment management and regulatory communities. Nevertheless, there are still many issues to be resolved: from harmonizing ESG data to benchmarking and standardizing the ESG quantification to increasing the awareness of individual investors about sustainable investments.