Spoken (by a human) version of this article.

Banks and insurers are increasingly using external data; using them beyond their intended purpose can be risky (e.g. discriminatory).

Emerging regulations and regulatory guidance emphasise the need for active oversight by boards, senior management to ensure responsible use of external data.

Keeping the customer top of mind, asking the right questions, and focusing on the intended purpose of the data, can help reduce the risk.

Law and guideline mentioned in the article: 

• Colorado's External Consumer Data and Information Sources (ECDIS) law 
• New York's proposed circular letter.

To subscribe to the weekly articles: https://riskinsights.com.au/blog#subscribe

About this podcast

A podcast for Financial Services leaders, where we discuss fairness and accuracy in the use of data, algorithms, and AI.

Hosted by Yusuf Moolla.
Produced by Risk Insights (riskinsights.com.au).