What is the most challenging requirement amidst digital transformation?

PwC sheds light on proactive measures and responsible approaches to ensure the ethical use of technology.

In an era where businesses are increasingly investing in digital transformation, the pressing issue of ethically implementing and maintaining these innovations becomes paramount.

Called to share his expert insights on the subject, Greg Unsworth, Digital Business and Risk Services leader at PwC Singapore obliged to an interview with the Singapore Business Review to discuss the changing role of ethics in the digital age.

First, Unsworth emphasised the importance of understanding existing corporate mission values and ethical guidelines, even before adopting new technologies.

“It’s important to make sure that nothing backslides when technology is applied. Applying the existing frameworks, culture, and risk management protocols to a changing environment is extremely important,” he said.

Regarding regulations and the pace of evolving technology, Unsworth underscored the need for organizations to take proactive measures. “It’s important for organizations not to wait for the regulations but to actually build in the right protocols around risk management, ethical guidelines, policies, and procedures from the very beginning,” he said.

Unsworth also tackled data privacy and protection and stressed the importance of protecting sensitive data beyond regulatory requirements.

He suggested that organizations take an inventory of the data they access and ensure they only obtain, keep, and protect the most important data.

“Building the right protocols around regulatory compliance and identifying and ensuring the security of those data assets is crucial,” he told the Singapore Business Review.

On the issue of algorithmic biases in the development of AI-enabled business and smart nation initiatives, the PwC digital risks expert stressed the need to understand how algorithms are used and the potential risks associated with bias, non-ethical use of data, and unintended consequences.

Unsworth said having controls in place is required, both in terms of data input and output. He also noted the significance of third-party verification as a way to ensure the ethical use of technology.

In terms of the evolving role of ethics in the age of digital transformation, Unsworth emphasised that sound ethical considerations have always been important. However, with the increasing pace of technology adoption, the complexity and importance of ensuring the ethical use of technology are amplified.

In this regard, his advice is: “Organizations shouldn’t wait for regulations to be fully developed. Instead, they should focus on protecting the use of data and implementing the right controls around the ethical use of technology.”

As a parting shot, Unsworth took time to emphasise the need for education and responsible approaches to designing and risk management when adopting technology. He acknowledged the challenges but stressed the importance of organizations taking a proactive and responsible approach in the face of technological advancements.

“Sound ethical considerations have always been extraordinarily important for everyone, particularly for business,” he said. “So that in itself doesn’t change. But I think the pace of technology adoption, the speed with which technology can be used to enhance productivity and information sharing increases the complexity and the importance of ensuring that there’s ethical use of that technology.”