The Ethics Committee of CFA Society VBA Netherlands is proud to present this year's annual conference:
Lost in (Machine) Translation?
The Ethics of AI and Big Data in Financial Services
Join us to explore both the amazing opportunities and novel risks that AI and big data create in the financial sector. How can we harness these new developments to provide our clients with innovative services without losing sight of our duty to handle personal data in an ethical manner?
Are AI and big data going to give us unprecedented opportunities or are they actually affecting our freedom? How does AI change the way we invest? Do AI and big data lead to better investment returns or a better choice in responsible investment? And what opportunities are there on the consumer side? Who owns the data that is essential for AI? Is and will that be the consumer? Do consumers and businesses allow others to use their data in whatever way they want? Ethical dilemmas arise with the use of AI and big data. How do we make the right choices? This afternoon, experts will take you through the latest trends and dilemmas.
Increasingly richer data (personal, social, location and financial) is shared with one click. More often than not, people are forced to give permission for our data use as a condition for access to basic services. People are increasingly worried about whether companies are spying on personal data, but the real concern should be whether the data is used to guide behavior. For example, a person's digital behavior could be used by banks to give customers a sort of "risk score". This score can be used to evaluate and determine the types of goods and levels of services. By combining financial, personal and social data, companies can allow consumers to know better than they know themselves. This is already the case in the online advertising space, where previous search history and browsing history is used to recommend products and services. This species gets into the realm of human behavior with increasing accuracy. Is it ethically justified for the financial sector to use customer data to steer their spending / investment patterns? To determine their risk profile? To persuade them to buy appropriate financial products? What tangible value does the financial sector offer its customers? Does she serve the customer or herself?
14:15 Start Program; topics include:
Ethics in AI, a way to avoid regulation?
Regulatory guidance and challenges.
AI in daily investment practice.
- AI/Big Data and ethics from technical perspective. What
is possible versus what is morally justifiable?
17:00 Networking Drinks
18:00 End of Program
Everyone is welcome. Registration is mandatory.
Beuzekom, Member of the Executive Board at Autoriteit Financiële Markten
Hanzo will lead the discussion on the formation of regulatory criteria that could enhance the added value of principles in AI.
Hanzo van Beusekom has been a member of the Executive Board of the Dutch Authority for the Financial Markets (AFM) since 1 June 2018. Within the board, he is responsible for cross-sector supervision and renewal, with a particular focus on data- and technology-driven supervision. From 2011 until 1 June 2018, Hanzo van Beusekom was a partner at Clear Conduct, a strategic consultancy specialising in strengthening supervision. In recent years, he has supported more than twenty supervisory organisations in the Netherlands and internationally. Hanzo van Beusekom previously worked at the AFM from 2003 to 2010, as head of the Supervision Group for major financial institutions and head of Strategic Analysis. Before that, he was a strategy consultant at The Boston Consulting Group. He has a particular interest in contributing to organisations that create public value. In this, his focus is on change that enhances these organisations’ effectiveness.
Director System Supervision, Security and TechnologyDutch Data Protection
In her role as security specialist, Cecile will share her insights on the application of AI and big data from the client protection perspective.
Cecile (C.M.) Schut Msc. MPA has been Director System Supervision, Security and Technology with the Dutch Data Protection Authority since January 2018. She is responsible for offering guidance to organisations and their data protection officers, the assessment of requests for prior consultations, codes of conduct and other GDPR instruments that stimulate organisations to become privacy-proof. Besides, her unit is responsible for high-quality and up-to-date knowledge in the field of security and technology which is necessary for the different supervisory tasks of the Dutch DPA.
Before that, she worked at Statistics Netherlands (CBS) for more than 20 years; the last few years as Director Policy staff. Originally Cecile is a Mathematical Engineer, graduated at the University of Twente, after which she worked as a researcher with KPN Research. In 2014 Cecile also obtained a Master in Public Administration at the Netherlands’ School of Public Administration.
Jan Veldsink, Lead
Artificial Intelligence Rabobank
Jan will share his experience integrating AI into investment processes and making effective use of all the data available.
Jan Veldsink is working as consultant and teacher on the subjects of Cybercrime, Artificial Intelligence, digital transformation, organizational development and innovation at Rabobank and Nyenrode Business Universiteit.
At Rabobank Jan is Lead Artificial Intelligence and Cognitive Technologies within Global Compliance Surveillance & Integrity Investigations. At Nyenrode he is Core Teacher of the module AI and Cyber, one of the Modular Executive MBA in Business & IT programs.
Gerben de Zwart, CFA, Managing Director Quantitative Strategies at APG
Gerben’s presentation “Big Data is the New Gold for Investors” provides insight into what is available and what is possible in the realm of ‘big data’, how APG uses data to benefit pension funds, and addresses a number of actual (ethical) dilemmas encountered by APG in this area.
Gerben de Zwart, PhD, is Managing Director Quantitative Strategies. He is responsible for APG’s investment portfolios that are systematically managed. The investments include equity, commodities and corporate bonds. The (smart beta) portfolios are active, long-only and both internally and externally managed. Trends that keep Gerben busy are Responsible and Sustainable Investing, alternative data/AI/Machine Learning and Model Risk Management. Prior to joining APG in 2010, De Zwart was employed by ING Investment Management and Robeco. He earned his Master’s degree from Delft Technical University and his PhD from the Erasmus University Rotterdam. De Zwart holds the Chartered Financial Analyst designation.
Read this article from Gerben: Big Data het Nieuwe Goud for Pensioenbeleggers?
Moderator: Melinda Rook is een beleggingsprofessional met ruim 10 jaar ervaring in de institutionele vermogensbeheer sector, o.a. als portefeuille manager bij PGGM en adviseur bij KPMG. Momenteel ondersteunt zij vermogensbeheerders bij het automatiseren en meer robuust inrichten van hun beleggingsprocessen door het ontwikkelen van technische oplossingen. Daarnaast is Melinda sinds 2014 actief in de vereniging CFA Society VBA Netherlands als bestuurslid met aandachtsgebied Educatie. Melinda heeft een master in de Economie, een Executive MBA en de VBA studie afgerond.