Journal of Information System and Technology Auditing

Journal of Information System and Technology Auditing

The Ethical Implications of Adopting Artificial Intelligence (AI) in Financial Decision-Making

Document Type : Review

Authors
Maryam Rahnama 1
Hamidreza Rafati 2
1 PhD student , Accounting, Faculty of Management, University of Tehran, Tehran, Iran
2 PhD student in Accounting, Faculty of Management, University of Tehran, Tehran, Iran
10.22034/jista.2025.509536.1032
Abstract
The integration of Artificial Intelligence (AI) in the financial sector has raised ethical concerns that require attention. This research aims to analyze the ethical implications of AI usage in financial decision-making. The paper emphasizes the need for an ethical framework to ensure the fair and trustworthy deployment of AI, addressing issues such as algorithmic bias, transparency, and regulatory compliance regarding fairness, accountability, and transparency. A comprehensive ethical framework is proposed to manage these challenges and responsibly leverage AI in the financial sector, including tackling algorithmic bias, promoting transparency, and ensuring compliance with regulations that protect fairness, accountability, and public trust. This paper examines the complex relationship between AI innovations and ethical integrity in the financial sector by combining research and empirical evidence. It proposes a practical and comprehensive ethical framework, including clear guidelines, governance structures, regular audits, and stakeholder collaboration. The goal of this framework is to harness the potential of AI while minimizing its negative impacts and unintended consequences. This study serves as a valuable resource for policymakers, professionals, researchers, and other stakeholders, contributing to informed discussions, evidence-based decision-making, and the development of best practices for the responsible integration of AI in the financial sector. Ultimately, the aim is to ensure fairness, transparency, and accountability while maximizing the benefits of AI for both the financial sector and society.
Keywords
Ethical Implications
Artificial Intelligence
Financial Decision-Making

Subjects

 
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Journal of Information System and Technology Auditing
Volume 1, Issue 1 - Serial Number 1
April 2025
Pages 284-301

  • Receive Date 01 March 2025
  • Revise Date 15 May 2025
  • Accept Date 11 September 2025
  • Publish Date 22 June 2025