Originally posted July 1, 2019
Here is an excerpt:
2. Ensure they are using people’s data with their consent.
In theory, an increasing amount of rights to data use is willingly signed over by people through digital acceptance of privacy policies. But a recent investigation by the European Commission, following up on the impact of GDPR, indicated that corporate privacy policies remain too difficult for consumers to understand or even read. When analyzing the ethics of using data, finance professionals must personally reflect on whether the way information is being used is consistent with how consumers, clients or employees understand and expect it to be used. Furthermore, they should question if data is being used in a way that is necessary for achieving business goals in an ethical manner.
3. Follow the “golden rule” when it comes to data.
Finally, finance professionals must reflect on whether they would want their own personal information being used to further business goals in the way that they are helping their organization use the data of others. This goes beyond regulations and the fine print of privacy agreements: it is adherence to the ancient, universal standard of refusing to do to other people what you would not want done to yourself. Admittedly, this is subjective and difficult to define. But finance professionals will be confronted with many situations in which there are no clear answers, and they must have the ability to think about the ethical implications of actions that might not necessarily be illegal.
The info is here.