For most non-technical managers data mining, AI and machine learning are obscure activities happening within their business. However, these are critical to company success. Algorithmic auditing is especially relevant in terms of regtech and ethical compliance.
A growing concern for managers is whether they are using AI and data science properly. That’s where algorithmic auditing becomes necessary. Broadly speaking, algorithms need to be assessed from the following 3 perspectives:
Are the algorithms you have running within your business effective and doing what they are supposed to do. This may range from effective customer segmentation to predictive and prescriptive modelling. How does your company compare to its peers, could your algorithms be better, more accurate and, where relevant, faster?
Idiro can perform an external audit of your algorithms and assess them for effectiveness, usefulness and speed. We can advise on how to drive improvements from data science, architecture and data perspectives.
How legally compliant is your organisation when it comes to data science and data mining? Can you be sure that your algorithms are analysing data in a manner that is compliant with all EU and national laws?
Artificial intelligence and machine learning can unintentionally build in a bias for or against certain innocent categories of people. Even if the original models were non-biased the self-learning capabilities of many models mean that this undesired characteristic can creep in overtime. Therefore, an algorithmic audit to ensure everything is ethical is highly recommended.
Idiro can help with all of the above – we have wide experience in the auditing of complex algorithms. We can help you optimise your AI and machine learning investments while guaranteeing their regulatory compliance. From an ethical point of view, we can help eliminate undesirable, biased behaviours within your algorithms.