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Regulatory Policy & Ethical Standards Flashcards

7 cards from real CDO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Regulatory Policy & Ethical Standards flashcards as text

  1. Which framework, published by NIST, provides voluntary guidance for managing risks associated with artificial intelligence systems?

    Answer: NIST AI Risk Management Framework (AI RMF)

    The NIST AI RMF organizes AI risk management into the Govern, Map, Measure, and Manage functions.

  2. Under the EU AI Act, which category of AI systems is prohibited outright?

    Answer: Unacceptable-risk systems such as social scoring by public authorities

    The EU AI Act bans AI practices deemed an unacceptable risk, including certain social scoring and manipulative techniques.

  3. Illinois' Biometric Information Privacy Act (BIPA) is notable among U.S. privacy laws primarily because it:

    Answer: Provides a private right of action for individuals

    BIPA allows individuals to sue directly, which has driven substantial class-action litigation.

  4. In U.S. banking, which supervisory guidance governs model risk management, including validation of data-driven models?

    Answer: SR 11-7

    Federal Reserve SR 11-7 (with OCC 2011-12) sets expectations for model development, validation, and governance.

  5. Which section of the Sarbanes-Oxley Act requires management to assess internal controls over financial reporting, affecting data lineage and quality controls?

    Answer: Section 404

    SOX Section 404 requires management's assessment and auditor attestation of internal controls over financial reporting.

  6. A data subject asks a company to delete their data, but the company must retain transaction records for tax law. How should the CDO respond under GDPR?

    Answer: Erase data not subject to the legal obligation and retain only what the law requires

    The right to erasure does not apply where processing is necessary to comply with a legal obligation, so only legally required data may be retained.

  7. Which approach best operationalizes data ethics across an enterprise rather than leaving it as an abstract policy?

    Answer: Embedding ethics review checkpoints into the data and model lifecycle

    Integrating ethics reviews into lifecycle stages ensures consistent, practical application of ethical principles.

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