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Published on March 16th, 2017 | by Nick Wallace

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Comments to the Joint Committee of the European Supervisory Authorities on Big Data in Financial Institutions

The Joint Committee of the European Supervisory Authorities (ESAs) has requested comments on its discussion paper examining big data in financial institutions. The Center welcomes the discussion paper, which presents a largely accurate view of the benefits of big data in the financial sector. However, the Center is concerned that some basic economic tradeoffs (such as acceptances and rejections for loans and insurance service) as well as some benefits (such as fairer and more accurate distribution acceptances and rejections) are mistakenly characterized as risks, threats, or costs. The Center also believes that the so-called “right to be forgotten” of the incoming General Data Protection Regulation  is neither a feasible nor effective means for ensuring fair and accountable use of algorithms in finance.

Read the comments.

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About the Author

Nick Wallace

Nick Wallace is a senior policy analyst at the Center for Data Innovation. He previously worked as a government technology policy analyst at Ovum, a global consultancy based in London. He has a master’s degree in public policy jointly awarded from the Central European University in Budapest and the Institut Barcelona d’Estudis Internacionals and a bachelor’s degree in politics from Liverpool John Moores University. Wallace speaks English, Spanish, and German.



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