BANA 2082 Chapter Notes - Chapter 1: General Data Protection Regulation, American Statistical Association, Credit Risk
8 Nov 2020
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Document Summary
Legal and ethical issues in the use of data and analytics. Since corporations constantly gather data about their clients, they have a responsibility to protect the information and not abuse the information. Customers and customers have a responsibility to consider the trade-offs between allowing the collection and use of their data and the advantages they receive from allowing a business to collect and use that data. For instance, many businesses have loyalty cards that collect customer purchasing data. Customers must consent to allow the organization to collect and use data on transactions in exchange for the rewards of using a loyalty card, usually discounted rates. An agreement between the client and the organization must be signed, and the agreement must clarify what data will be obtained and how it will be used. The entity then has an ethical responsibility to uphold the contract and make every effort to ensure that the information is secure from any sort of unauthorized access.
