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

Author

Listed:
  • Coita, Ioana - Florina

    (University of Oradea)

  • Moloney, Maria

    (UCD)

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.

Suggested Citation

  • Coita, Ioana - Florina & Moloney, Maria, 2024. "Assessing AI and data protection expertise in academia and the financial services sector: Insights and recommendations for AI skills development," Journal of Financial Transformation, Capco Institute, vol. 58, pages 1-170.
    • Handle: RePEc:ris:jofitr:3477
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    More about this item

    Keywords

    data protection; data training; GDPR;
    All these keywords.

    JEL classification:

    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Z23 - Other Special Topics - - Sports Economics - - - Finance

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