Global investment manager Candriam has published the first results of its Facial Recognition Technology (FRT) investor initiative, identifying four key areas of concern. Working in collaboration with 20 other investors, including Aviva Investors and Robeco, the initiative said that the potential risk of racial and gender bias, the technology’s “questionable accuracy”, privacy concerns and misuse are issues that need to be addressed. Regulation is struggling to keep up with technology, the update noted, urging companies to “think beyond what is legal and focus on what is ethical” by publishing a detailed human rights policy with references to how they use AI and FRT. The initiative also identified three companies that stood out due to their efforts to mitigate human rights within their use of AI and FRT: Microsoft, Motorola Solutions and Thales. Benjamin Chekroun, Engagement Analyst at Candriam, said: “The fast pace at which FRT is evolving, and the delay in regulating the technology, means that greater oversight and understanding of companies involved in this space is now a human rights imperative. As investors in the technology sector, we have an important role to play in encouraging companies to identify, manage, and to mitigate human rights risks in their use of AI and FRT.”
Candriam, along with 20 other investors, incl. @avivainvestors, @dominifunds and @Robeco, surveyed 15 companies involved in #FRT to understand how these companies assess, manage & mitigate #HumanRight risks.
— Candriam (@candriam) October 3, 2022