A study released in November 2018 examined how algorithms are used to decide loan approval, a task that can be laden with biases. Companies that leverage algorithms can’t turn a blind eye to the results their software provides; instead they should understand how the algorithm works, what data it pulls from and monitor its results, a Big Law attorney said.
The “Fairness Under Unawareness: Assessing Disparity When Protected Class Is Unobserved” paper penned by Cornell University professors, a Ph.D student and Capital One staffers, found potential pitfalls when algorithms are used when protected classes, such as gender or race, aren’t given by applicants applying for a loan.
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