Harvard Case - Mastercard's ethical approach to governing AI
"Mastercard's ethical approach to governing AI" Harvard business case study is written by Oyku Isik, Lisa Simone Duke. It deals with the challenges in the field of Business Ethics. The case study is 12 page(s) long and it was first published on : Mar 16, 2022
At Fern Fort University, we recommend that Mastercard continue to prioritize its ethical approach to governing AI by adopting a comprehensive framework that encompasses corporate social responsibility, transparency, stakeholder engagement, and continuous improvement. This framework should be built upon the principles of ethical leadership, data privacy, and diversity and inclusion, ensuring that Mastercard's AI systems are developed and deployed in a responsible and equitable manner.
2. Background
Mastercard, a global leader in the payments industry, faces the challenge of navigating the ethical complexities of artificial intelligence (AI) as it integrates this technology into its operations. The case study highlights Mastercard's commitment to developing AI systems that are fair, transparent, and accountable. However, the company recognizes the potential risks associated with AI, including bias, discrimination, and privacy violations.
The main protagonists in the case study are:
- Mastercard's leadership: They are responsible for setting the ethical framework for AI development and deployment.
- Mastercard's AI team: They are responsible for developing and deploying AI systems.
- Mastercard's stakeholders: These include customers, employees, regulators, and the wider public.
3. Analysis of the Case Study
This case study can be analyzed through the lens of corporate social responsibility and stakeholder theory. Mastercard's commitment to ethical AI development aligns with its broader corporate social responsibility goals, which include promoting financial inclusion, supporting sustainable development, and fostering a responsible digital economy.
The stakeholder theory suggests that companies have a responsibility to consider the interests of all stakeholders, including customers, employees, investors, and the wider community. Mastercard's approach to governing AI reflects this principle by prioritizing transparency, accountability, and fairness.
Key issues identified in the case study:
- Bias and discrimination: AI systems can perpetuate existing biases if they are trained on data that reflects societal inequalities.
- Data privacy: The use of AI involves collecting and analyzing large amounts of data, raising concerns about privacy and security.
- Transparency and accountability: It is crucial to ensure that AI systems are transparent and accountable, so that their decisions can be understood and challenged.
- Ethical decision-making: Mastercard needs to establish clear guidelines and processes for ethical decision-making in the development and deployment of AI.
4. Recommendations
Mastercard should implement the following recommendations to strengthen its ethical approach to governing AI:
Establish a comprehensive ethical framework for AI: This framework should be based on internationally recognized principles of AI ethics, such as fairness, transparency, accountability, and human oversight. It should be clearly communicated to all stakeholders and regularly reviewed and updated.
Develop a robust data governance strategy: This strategy should address data privacy, security, and ethical use. It should include measures to mitigate bias, ensure data quality, and protect sensitive information.
Implement a transparent and accountable AI development process: This process should involve rigorous testing, validation, and monitoring of AI systems to ensure their fairness, accuracy, and reliability. It should also include mechanisms for addressing potential bias and discrimination.
Foster a culture of ethical AI: This involves training employees on ethical AI principles, promoting open dialogue about the potential risks and benefits of AI, and establishing clear channels for reporting ethical concerns.
Engage with stakeholders: Mastercard should proactively engage with stakeholders, including customers, employees, regulators, and the wider public, to gather feedback and address concerns about its AI initiatives.
Invest in research and development: Mastercard should continue to invest in research and development to advance the field of ethical AI. This includes exploring new technologies and approaches to address the challenges of bias, transparency, and accountability.
5. Basis of Recommendations
These recommendations are grounded in the following considerations:
Core competencies and consistency with mission: Mastercard's commitment to ethical AI aligns with its mission of connecting and empowering people around the world.
External customers and internal clients: These recommendations address the concerns of both external customers and internal clients by promoting transparency, accountability, and fairness.
Competitors: By adopting a strong ethical framework for AI, Mastercard can gain a competitive advantage by building trust with stakeholders and demonstrating its commitment to responsible innovation.
Attractiveness ' quantitative measures if applicable: While it is difficult to quantify the benefits of ethical AI, it can lead to improved customer satisfaction, reduced reputational risk, and increased trust with stakeholders.
Assumptions: These recommendations assume that Mastercard is committed to ethical AI development and is willing to invest the necessary resources to implement these recommendations.
6. Conclusion
Mastercard's ethical approach to governing AI is a critical step towards ensuring that this transformative technology is used responsibly and for the benefit of all stakeholders. By implementing the recommendations outlined above, Mastercard can further strengthen its commitment to ethical AI and position itself as a leader in the responsible development and deployment of this technology.
7. Discussion
Other alternatives not selected include:
- Ignoring the ethical implications of AI: This approach would be short-sighted and could lead to reputational damage, legal challenges, and loss of trust with stakeholders.
- Adopting a reactive approach to ethical AI: This approach would involve addressing ethical concerns only after they arise, which could lead to costly delays and damage to Mastercard's reputation.
Key assumptions of these recommendations include:
- Mastercard is committed to ethical AI development.
- Mastercard is willing to invest the necessary resources to implement these recommendations.
- Stakeholders will engage with Mastercard in a constructive and collaborative manner.
8. Next Steps
Mastercard should implement the following next steps:
- Form a dedicated ethical AI task force: This task force should be responsible for developing and implementing the ethical framework for AI.
- Conduct a comprehensive review of existing AI systems: This review should identify any potential risks and develop mitigation strategies.
- Develop a communication plan: This plan should outline how Mastercard will communicate its ethical AI approach to stakeholders.
- Establish a monitoring and evaluation framework: This framework should track the effectiveness of Mastercard's ethical AI initiatives and identify areas for improvement.
By taking these steps, Mastercard can ensure that its AI initiatives are conducted in a responsible and ethical manner, contributing to a more inclusive and sustainable future.
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Case Description
Mastercard, the global payments company, is known as a leader in privacy by design; senior leaders promote data responsibility and employees follow strict ethical guidelines and robust frameworks to manage and protect data. The company views AI as a significant part of its strategy going forward, using it to fight fraud, improve the consumer payment experience, increase efficiencies and decrease costs in back-end systems. When Mastercard created its AI Garage in 2018, its vision was to become an AI powerhouse. Realizing the special attention AI development efforts need, several leaders in the organization co-created the AI Governance Council and a framework to structure the company's approach to governing AI. The application of this framework led to several significant decisions, including walking away from two acquisitions. Mastercard believes that the combination of a solid Privacy by Design process and additional governance specific to AI - "the AI governance framework" - is the right approach for the long term to maintain consumer trust. Yet, while being a trusted guardian of data with this robust AI governance framework, Mastercard also faces the costs of its high accountability stance - forcing it to make appropriate organizational and managerial choices as well as ensuring that AI governance does not result in a reduction in innovation. The speed of AI integration and need for ethics in data practices will only increase. What does this mean for Mastercard's business model, profitability and innovation capabilities in the future?
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