Skip To Main Content
Directory      Join Now

Member Login

My Account Login



Forgot your Password?
Search
NACVA logo
  • Association
    • NACVA's Beginnings
    • NACVA's Mission
    • 30 Years of Firsts
    • Benefits of Membership
    • Classifications of Membership
    • Ultimate Membership
    • Become a Member
    • NACVA Boards
    • NACVA Committees
    • NACVA Support Groups
    • Professional Standards and Ethics
    • Advisory Briefs
    • Alliances/Partners
    • Pacesetter® Awards Program
    • Privacy Policy
    • Online Directory
    • Job Opportunities Board
    • Headquarters Directory
    • Contact Us
    • Feedback
    • Policy on Non-Discrimination
    • No Login | Secure Payment Submission
    • The Future of the Business Valuation Profession
  • Certifications
    • Accredited
    • Business Valuation and Financial Forensics Credential Comparison Chart
    • Certified Valuation Analyst (CVA)
    • Master Analyst in Financial Forensics (MAFF)
    • Accredited in Business Appraisal Review (ABAR)
    • Certified Business Appraiser (CBA) and Master Certified Business Appraiser (MCBA)
    • Recertification
  • Professional Education
    • Full Course Schedule
    • Ultimate Training Pass
    • Credentialing Training
    • Certificate of Educational Achievement Training
    • Introduction Training
    • Business Valuation Training
    • Financial Forensics and Litigation Training
    • Practice Management Training
    • Exit Planning Training
    • Software and Database Training
    • 2025 Business Valuation & Financial Litigation Super Conference
    • Hotel Accommodations
    • NASBA Sponsorship
    • Cancelation Policy
  • Online Learning
    • Virtual Course Schedule
    • Artificial Intelligence (AI) Webinar Series
    • Advanced Learning Series
    • Mergers and Acquisitions Academy
    • Around the Valuation World®
    • Around the Valuation World® International
    • EconAssist® Orientation
    • Free Virtual Courses
    • CPE On-Demand Courses
    • Self-Study Courses
    • Important Virtual Course Information—FAQs
    • Virtual Course Cancelation Policy
  • International
    • International Chapters
    • Global Professional Standards Resources
    • Around the Valuation World® International
    • EACVA's 17th Annual International Business Valuation Conference
    • European Business Valuation Magazine (EBVM)
    • Kroll Cost of Capital Navigator: International Cost of Capital Module
    • Kroll International Industry Benchmarking Module
  • Publications
    • Association News
    • The Value Examiner
    • Journal of Forensic and Investigative Accounting
    • QuickRead
    • Around the Valuation World®
    • Around the Valuation World® International
    • European Business Valuation Magazine (EBVM)
    • Call for Authors
  • Get Involved
    • State Chapters
    • International Chapters
    • Mentor Support Exchange
    • Support Group Application
    • Publish An Article
    • Thomas R. Porter Lifetime Achievement Award
    • NACVA Honors
    • 30 Under Thirty
    • 40 Under Forty
    • Industry Titans
    • NACVA LinkedIn
    • NACVA on Instagram
    • NACVA Video Network
    • YouTube Live Q&A Broadcasts
    • Join Our E-mail List
  • Store
  • Home
  • Publications
  • Association News
  • Contribution to the Debate on AI and Ethics—First Quarter 2023

Contribution to the Debate on AI and Ethics—First Quarter 2023

NACVA Association News

Contribution to the Debate on AI and Ethics
Reneé Fair, CVA
NACVA Ethics Oversight Board


There is growing consensus and debate about the revolutionary role that artificial intelligence (AI) will bring to society, the economy and the planet. Global leaders across multidisciplinary backgrounds are determined to sustainably embrace those changes that AI brings and look for new solutions that will help combat some of the problems plaguing modern society on a large scale, for example fraud prevention, disease treatment and prevention to name a few. These leaders seek to provide personalized service offerings while creating unique patient and consumer experiences. In my perspective, AI needs to be human centric, and it needs to enhance human interactions not replace them.

In order to ensure a prosperous socioeconomic and environmental evolution based on AI, its development and use should respect ethical principles as currently outlined in NACVA’s Professional Standards[1] which is a cornerstone and guide for practitioners and professionals.
 
Reflections about an ethical AI
An ethical AI world requires the application of ethical principles from the development to the use of AI. AI is like any other new technology; its true value lies in its application not in the technology itself. AI4People[2], is a forum composed by academics and experts in AI and ethics which have proposed the following principles as the foundation for an ethical AI:

  1. Beneficence (doing good) – this refers to promoting well-being, preserving dignity, and sustainability.
  2. Non-maleficence (do not harm) – this refers to ensuring privacy, security, and ‘capability caution’.
  3. Autonomy – this refers to ensuring the power to decide (supporting people to make decisions).
  4. Justice – this refers to promoting prosperity and preserving solidarity (non-discrimination).
  5. Explainability – this refers to ensuring transparency and accountability (users should know ‘if’, ’how’, and ‘why’ an  AI system suggested one outcome over another).

“Explainability” is required to support transparency and accountability in AI. The way in which a model determines its outcomes should map onto the audiences’ world model or it will not be comprehensible. This is different for various audiences and so no one approach will work for all applications. It is paramount that the outputs of the algorithms can be properly understood by non-technical audiences, which is necessary to evaluate fairness and gain trust.
 
Key considerations for AI applications:

  1. Utilize data as a key enabler of AI through the development of meaningful datasets in quantity and quality ensuring and enabling fair and ethical AI ecosystem.
  2. Create social inclusion and cohesion by improving educational and professional training systems within the workforce to increase literacy.
  3. Promote self-regulation by creating a ‘holistic’ approach including the establishment of guiding ethical principles to be applied holistically throughout organizations.
  4. Develop metrics of trustworthiness of AI products and services which serves as the basis for a system that enables the user-driven benchmarking of AI offerings.
  5. Eliminate liability though encouraging AI developers and users to understand the key issues and tools to mitigate risk for end users and patients. As society continues to pilot, adopt, and rely on AI technologies to reshape the future of decision making, AI that can be trusted to be transparent, fair, explainable, and secure is imperative.
  6. Access to market which refers to supporting an efficient application of existing framework of rules and regulations to validate, authorize, and certify AI-based products, for example through bringing AI expertise into regulatory agencies.
  7. Be aware of privacy considerations. There are aspects of AI that are of relevance for privacy. Some systems utilize personal data, while other systems use data that cannot be linked to individuals. If personal data is utilized, appropriate consent must be obtained, and use must be in line with the purpose for which it has been collected.
  8. Encourage international cooperation among policy makers at international level on ethical guidelines, helping to ensure an inclusive and global approach. 

In closing, to achieve and thrive in an ethical, trustworthy, and sustainable AI rich world, it’s crucial to have an appropriate and agile policy framework and manual which fosters innovation; builds a data culture that enables AI while ensuring personal data privacy protection; supports social cohesion by educating people and upskilling the workforce while promoting ethical behavior.

[1] NACVA Professional Standards - https://s3.amazonaws.com/web.nacva.com/TL-Website/PDF/NACVA_Professional_Standards_Incl_Review_Stnds_Effective_6-1-17_Final.pdf
 
[2] https://www.eismd.eu/wp-content/uploads/2019/11/AI4People%E2%80%99s-Ethical-Framework-for-a-Good-AI-Society_compressed.pdf

Reneé Fair, CVA®, is a Certified Valuation Analyst (CVA) and managing partner and Co-Founder of Trustee Capital LLC, an independent valuation and analytics automation consulting firm based in Tampa FL. Trustee Capital LLC specializes in business valuation, data visualization, analytics, and robotic process automation. Mrs. Fair was elected by NACVA membership to the National Association of Certified Valuators and Analysts (NACVA) Ethics and Oversight Board in 2021.
 
Mrs. Fair can be contacted at (813) 397-3648 or by e-mail to rfair@trusteecap.com.


  • Association News
    • Past Issues
    • CEO's Message: A Legacy to be Remembered—Second Quarter 2025
    • Reports from the Outgoing Governance Board Chairs—Second Quarter 2025
    • New CPE On-Demand Courses—Second Quarter 2025
    • Updated Sample Engagement Letter Templates—Second Quarter 2025
    • Streamline Tri-Annual Recertification—Second Quarter 2025
    • Association Governance: NACVA 2025-2026 Board Elections—Second Quarter 2025
    • Trust and Integrity: Your Ethics is One Call Away!—Second Quarter 2025
    • Pacesetter Awards Program Discontinued—Second Quarter 2025
    • Ultimate Training Bulletin—Second Quarter 2025
    • J. Richard Claywell Outstanding Member Award—Second Quarter 2025
    • Outstanding Members Revisited—Second Quarter 2025
    • NACVA’s Champions—Second Quarter 2025
    • Newly Credentialed Members—Second Quarter 2025
  • The Value Examiner
  • Journal of Forensic and Investigative Accounting
  • QuickRead
  • Around the Valuation World®
  • Around the Valuation World® International
  • European Business Valuation Magazine (EBVM)
  • Call for Authors

Stay Informed: Subscribe to E-mail

2025 Business Valuation and Financial Litigation Super Conference

NCCA | ANAB Accreditation

NACVA’s Certified Valuation Analyst® (CVA®) and Master Analyst in Financial Forensics® (MAFF®) designations are the only valuation and financial forensic credentials accredited by the National Commission for Certifying Agencies® (NCCA®), the accreditation body of the Institute for Credentialing Excellence™ (ICE™). The CVA designation is also accredited by the ANSI National Accreditation Board® (ANAB®).

Learn More

Contact Us

1218 East 7800 South, Suite 301
Sandy, UT 84094
NACVA1@NACVA.com
Toll-Free: (800) 677-2009

Submit Feedback

Connect With US

 

Register as a Guest

Copyright © 2025, National Association of Certified Valuators and Analysts ®
Naylor Association Management Software