The Compliance Conference 2024, organised by Kredence Capacity Building Ltd, recently brought together compliance professionals to discuss strategies for enhancing the financial system and protecting Mauritius' jurisdiction. Among the key moments of the summit was the panel discussion on “The Future of Compliance – Ethical Use of AI and the Role of Regulatory and Ethical Compliance Officers,” featuring insights from our Compliance Advisory Manager, Pratimah Jugoo Teeluckdharry.
Pratimah provided an overview of the critical intersection between Artificial Intelligence (AI) and compliance. She emphasised the dual nature of AI’s impact: while it drives significant advancements across sectors such as healthcare, banking, finance, and education, it also raises pressing ethical concerns. Pratimah highlighted the importance of maintaining a strong ethical framework as AI technology evolves, ensuring that its benefits are fully realised without compromising ethical standards.
One major focus of Pratimah’s talk was the ethical concerns surrounding AI, especially in terms of privacy. She highlighted the importance of transparency and user control over personal data. Without clear data policies and robust security measures to safeguard sensitive information, the potential benefits of AI could be overshadowed by privacy issues.
Transparency in AI deployment was another key area of her talk. Pratimah pointed out that people need to be informed when AI is involved in decisions affecting their lives. She advocated for organisations to be open about the capabilities and limitations of their AI systems to foster trust and accountability.
She also addressed the evolving role of compliance officers in managing AI ethics. She underlined the need for ongoing education, the establishment of clear guidelines, and vigilant oversight to ensure AI systems remain within ethical and regulatory boundaries.
Our participation in The Compliance Conference 2024 reaffirms our commitment to leading the way in responsible AI practices and ethical compliance. By engaging in these important discussions, we continue to strengthen our dedication to upholding high standards of integrity and accountability in all aspects of our operations.
