- Ethics & Transparency in business is becoming increasingly important
- Customers are looking at companies to be more transparent about what they are selling/producing
- Following legal guidelines is not enough, you must gain customers trust
Matt Bird – Show Host, Traders Network Show: 00:00
Welcome back to the Traders Network Show and our continued coverage of Humanity 2.0. I’m Matt Bird broadcasting worldwide from the Vatican for Equities.com and its affiliate partners. My next guest is the deputy director of digital ethics lab at the University of Oxford Rosario Taddeo. Is that correct? Okay, perfect. Listen, welcome to the show. So, we’ve got a lot of stuff going on here. This event, we’ve got a live event going on. We’re covering it on another camera, we got full coverage going on every direction. We’ve had a lot of thought leaders. You come from traditional academia and you’re doing some amazing things on the ethics side and I believe you’re going to be on a panel later on. What is your takeaway so far? What’s happening in site? Cause there’s a lot of amazing stuff that is happening. Tell us from your taking.
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 00:47
Okay. So I work a lot on digital ethics. So ethical problems, which have to do with technologies. You can think about privacy, social media, AI, cyber conflicts. And it’s very nice to see that this topics, which were at the central part of my research for the very much 15 years at now breached the bubble of academia and they are like central to the Waldos.
Matt Bird – Show Host, Traders Network Show: 01:10
That must feel amazing to know this if you’ve been working on for so long it’s actually becoming mainstream application.
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 01:15
It is amazing. You have to endure some kind of um, superficial knowledge in it as well. Cause ethics has become like a kind of a, a buzzword, but it’s important that society is realizing that it’s it.
Matt Bird – Show Host, Traders Network Show: 01:26
Well do you think there’s a direct correlation between ethics and the transparency of self-publishing and the global community now that just won’t let stuff kind of go where before it would be buried through other media now there’s just so much micro reporting. Do you think that has a part to do with it where people are now accountable? You can’t say something then retract it because there’s somebody that’s going to call you on it.
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 01:46
Well there is and there is a trace of what you say on the internet so you can pretend you didn’t say it. Yes, no, it’s important. Uh, transparencies. Uh, but it’s a double edged sword. So it’s a, it’s a word that something that keeps you accountable, but it’s also something that we need to start or understand using in a more precise way. Transparency is not medicine for all cure.
Matt Bird – Show Host, Traders Network Show: 02:05
Listen, I cover a lot of CEO’s. I covered government entities. How can a thought leader or an official, what advice could you give them?
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 02:17
So to be mindful that most of private businesses, they focus on what is legally compliant. And that’s fishing buddies. Sorry, that’s necessary. But it’s not sufficient these days, especially when you have a private companies, which is building on reputation users, consumers, people, they expect more. They trust you, they trust your service, they trust their private information with your service. So you need to be in a better way, in an ethical way. Legal is not enough.
Matt Bird – Show Host, Traders Network Show: 02:44
that’s interesting. There’s the impact side, the corporate social responsibility side, you know, any, we’re seeing a lot more of it. We’re seeing adoption, you know, for like the UN SDGs across the board we’re seeing humanity Tarion efforts and companies stepping up. But when it comes down to the consumer, you know there is a fine, there is a, it’s a gray line with corporate between profit and humanitarian and profitability.
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 03:10
Well it is, but it also true that in this age we see a shift in the dynamics. So 10 15 years ago you would have say that profit and attics doesn’t go hand in hand and they weren’t necessarily consistent and coherent. These days. What we learn from, for example, Cambridge analytical scandal is that ethics helps business, helps profit because if you behave in an ethical way, well your reputation will grow and your profit will go. And the backlash of overlooking ethical aspects can be so, so deep and so, so harmful that some businesses may be actually out of the market for good. So ethics is not just about what you should not be doing. Ethics also tell us where you should be doing for, for being a better position yourself. So it’s not necessarily that the two things, business analytics or business and profits are like enemies.
Matt Bird – Show Host, Traders Network Show: 03:58
Do you think that the greatest, let’s say triple bottom line ROI would be loyalty, ethics does translate to loyalty, brand loyalty?
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 04:07
Uh, I think brand loyalty is a part of ethics. I think that ethics translate in much more than just loyalty translates into a responsible behavior and responsibility yesterday with your users and the value or the or the users as well. So in corners of the world Wars for example, environmental sustainability is becoming a value. You need to also embrace those values as well. Uh, for some sorts of businesses, this is becoming increasingly more relevant.
Matt Bird – Show Host, Traders Network Show: 04:33
Now. How is humanity 2.0 interacting with what you’re doing at home?
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 04:36
Well, first thing was amazing to know that there’s going to be a, um, business ethics course, lunch, lunch somewhere. So it’s started to teach these kinds of things and that was an amazing thing to learn about. But it’s also important because I liked the name of this meeting. Technologies these days are changing the way we understand humanity, the way we understand ourselves and the way we interact with each other’s and with the environment. So this meeting today is important, especially in that regard. So is convening a community which is asking yourself, well, what does it mean to be human in this stage? How can we make sure that we flourish as humans in this day, in this age? And now we can make sure that next generations, future societies continue to flourish on the basis that we can shape this stage.
Matt Bird – Show Host, Traders Network Show: 05:22
Now, coming from academia, uh, coming out from Oxford, were you pleased to see the lineup of influencers in this room?
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 05:30
I think the world is really crowded. So there is always someone that you didn’t know was there and someone you knew was there and you wish you wasn’t there. I was or should have been there. So it’s a difficult question. This one I won’t. Uh, I would say that I was surprised, pleasantly surprised most of the time.
Matt Bird – Show Host, Traders Network Show: 05:46
Good, good, good. Well listen, we got to cut the commercial break in a minute. Um, what can we expect from you on the panel coming up?
Maria Rosario Taddeo – Deputy Director of Digital Ethics Lab, University of Oxford: 05:53
So, um, I will be talking about, uh, our technologies are a society and our self and what is the responsibilities that we are with respect to what I call post AI societies. So the societies that are coming and are, we can make sure that we shape a better of ground for the next generation.
Matt Bird – Show Host, Traders Network Show: 06:10
Well, I can tell you right now, AI is the topic, the hottest topic I think on the regulatory side because what happens when the machine kicks in and is it going to be biased, ethical and unethical? We have no idea. And it’s a debate happening from the OECD all the way down to the trade department only crossed the UN. Uh, and then even in local governments that like worldwide. I’d love to have you come back on. I think we’ve got a lot of content between today and even going forward and love to get your input on. So, thanks so much. Deputy director of digital ethics lab for University of Oxford Rosaria Taddeo. Hey, you’re watching the Traders Network show. We’ll be right back after this message. Don’t go away.