Compliance departments are under great pressure to leverage data analytics in day-to-day operations. And while there may be an urge to move quickly, there are fundamental biases in data usage that even seasoned data scientists have trouble avoiding and that compliance professionals should be aware of and proactively take steps to avoid.
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In this article, Michael Costa, Managing Director, discusses the ways different types of data bias can impact an organization’s understanding—or lack thereof—of meaningful trends for their business. From confirmation bias, to selection bias, survivorship bias and false cause fallacy (causation vs. correlation), Michael breaks down how entities can navigate pitfalls for a more effective program.
Read the full article in Venture Beat.
Michael Costa, a Partner with StoneTurn, has deep experience in data analytics and data science, financial crime, investigations, complex litigation, and compliance matters. He has worked with clients in the trading, […]
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